Tag: Beneficiary Designations
Maybe it’s an insurance policy you took out years ago. Or the retirement plan you set up with your employer the day you started working for the company. Or the IRA you have been scrupulously contributing to for two decades. You created them all to protect your financial future and that of the people you care about […]
“There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.” Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some of the most important documents […]
“If you’ve ever spent time working through your estate plan with a professional, you know how important it is to select and update your beneficiaries. Failing to do so can result in costly mistakes—for you and your loved ones.” Here’s one way to mess up your estate plan: naming beneficiaries not by name, but by […]
“Every adult should have a will in order to determine property distribution after death. However, a will is limited in what it can do. Too often, a will cannot accomplish what you need or even expect it to do.” A last will and testament is an important part of an estate plan, and every adult […]
“One of the most frequent questions asked in estate planning is whether a will is really necessary, particularly when someone has taken steps to avoid the probate process.” A will, also known as a last will and testament, is one of three documents that make up the foundation of an estate plan, according to The […]
“Seventy-seven percent of respondents in a recent survey said estate and legacy strategies were important for everyone, not just wealthy individuals, yet only 24% said they had taken the basic step of designating beneficiaries for all of their accounts.” Think Advisor reported on a survey conducted by a financial services firm that revealed good news […]
“We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.” Ignore beneficiary forms at your and your heirs’ own peril, especially when there are minor children involved, is the message from TAPintoChatham.com’s recent article “Are You Read to Deal […]
The time you save gathering financial information will be appreciated in the long run. This can really be a busy season if you launch into spring cleaning and also gather together financial documents to do taxes, according to The Press Enterprise in “Add this to Kondo-spring cleaning list: Organize your finances“. Start by making a […]
Sometimes people forget the beneficiary designations they made for IRAs and insurance and have different wishes expressed in their will. A beneficiary designation overrides a will. Therefore, any plan you might have had for that asset in your will most likely is not going to happen, according to the Daily Times in “Senior Life: Costly […]
In today’s world it is not at all unusual to have a blended family. Blended families often face special challenges when it comes to estate planning. Those issues are best approached openly, according to JD Supra in “Seven Estate Planning Considerations For Blended Families“. Spouses can leave their assets separately and have their own revocable […]
