Chayet & Danzo, LLC Chayet & Danzo, LLC
Law Pay

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us


After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday - Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

What happens if a designated beneficiary has already died?

Beneficiary designations on pay-on-death accounts – life insurance, 401(k) or Roth retirement funds and saving/checking accounts – are too often ignored.

Upon purchasing a life insurance policy or setting up a Roth, your loved one probably listed a beneficiary and maybe even a successor beneficiary, then probably didn’t think about it again. Over the years, these designations can easily become obsolete. What happens when they are not updated?


Probate may become a requirement

Let’s use the life insurance example. A mother lists her husband as a beneficiary and oldest child as a successor beneficiary. It is always a good practice to list a successor beneficiary. But in this case when she dies, her husband has already been gone for 10 years and her oldest child passed away the year before. The mother has two other younger children who are still alive.

The life insurance policy would become an asset of the mother’s estate. Provisions of her will would then determine how the money is distributed between her remaining children.

Pay-on-death account beneficiary designations usually transfer assets outside of a will and probate. By failing to update them, it could require a probate proceeding that would not have otherwise been necessary. In even worse scenarios, failure to update a beneficiary designation could mean that an ex-spouse inherits an account rather than a current one or children.

If you are like most people, you probably have a good percentage of your assets in these types of accounts. A good rule of thumb is to review your estate plan after any significant life change or about every five years. In coordination with the estate plan checkup, also review these beneficiary designations to ensure they are still correct.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet
  • Rated by Super Lawyers Frank J. Danzo, III
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell