Memo – When Did You Last Check Your Beneficiaries?

So many of us fill out beneficiary information on our bank, brokerage and retirement accounts and life insurance policies, and never give it another thought.

Also, have you or a loved one set up any trusts? Do you still want the original beneficiaries of those trusts to remain?

I recommend reviewing this annually for all accounts / assets that require beneficiary information.

Do you have an elderly parent? This is vital advice for them.

What if they start to lose their faculties? Making beneficiary changes when one is no longer of sound mind can be difficult.

Are you a parent of a special needs child? Making sure all beneficiary and other paperwork, such as special needs trusts, are up to date should be at least an annual exercise.

Are you divorced?

Have you changed all of your beneficiary forms to the person you now want your personal assets, life insurance and retirement assets going to upon your death instead of your ex-spouse?

Let’s say you don’t want a beneficiary change.

Why check then? You still want to check the accuracy of the beneficiary information. Names, addresses, social security numbers, and % to each person of the assets you want to allot to them.

Beneficiaries can move and can change phone numbers.

What if a beneficiary dies before you? Immediately remove and replace them on all beneficiary forms they are included on.

Some accounts may have TOD or POD, Transfer On Death or Pay On Death Options. It is important you choose the correct ones if available.

My team is here to help with these important questions all year.

We have relationships with the top estate and special needs attorneys in case you need to consult with one.

We are not just your CPAs in tax season.

Questions? Concerns? Call me on (732) 673-0510.