Review Your Beneficiary Designations

How long has it been since you have reviewed your beneficiary designations? Have you had any life changes such as marriage, divorce or death of a family member since you set up your retirement or other investment or bank accounts?

Avoid unintended consequences by making sure that the beneficiary designations listed on your retirement plan(s), annuities, and IRAs are up to date. Did you know that the named beneficiary takes priority over the beneficiaries named in your Will? The disposition provisions in your Will only apply to accounts and property that do not have a named beneficiary or are not owned jointly. If you have a Revocable or Living Trust, its terms only apply to property or accounts that are owned by or transferred to the trust.

While you are at it, also look at your Will, and trust, if you have one. Make sure what it says is still what you want, is consistent with your beneficiary designations, and meets the current needs of your family. If you don’t yet have a Will, get one set up as soon as possible. No one knows what could happen in the future.

If you have any special family considerations or other questions, contact Adam Thielen, CPA, Principal, to begin a conversation.


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DISCLAIMER: This blog is provided for informational purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information in this article does not create nor constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, the evolving landscape surrounding these topics is supported by regulations or guidance that are subject to change.

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