Updating your beneficiary forms is one of those ‘important but not urgent’ personal finance To Do’s. Which means it can get put off until it’s too late.
The saddest phone call an advisor will ever receive is that a client passed away. This happened to me recently. One of my dear clients, a former school teacher, passed away at the tender young age of fifty-nine.
Her children will inherit her retirement accounts. If something unforeseen happened to you, who would get yours? Would your assets go to those you choose?
If you’re not certain who your retirement account would go to, it would be a good thing to double check.
When was the last time you spoke to your advisor about updating your beneficiary forms?
Life happens and certain life events will trigger the need to update your beneficiary designations.
Have you recently experienced one of the following life events?
- Births – children or grandchildren
- Marriage or remarriage
- Special needs dependents
- Other life events
Updating your beneficiary forms is as simple as going online to make the necessary changes or asking your financial institution for a Change of Beneficiary form. Your financial advisor or insurance agent would be happy to help you with it as well.
Generally speaking, beneficiaries named on your retirement accounts supersede accommodations in your will. Even if your will is more recent. Which is why it’s important to keep them updated.
Here’s an article that will help you understand the basics of updating your beneficiary forms:
An Estate Planning Must: Update Your Beneficiaries.
Take care of your loved ones by updating your beneficiary forms.
Hello, I’m Patti. I’m an award-winning, certified life & money coach and retirement planner. I’ve worked with hundreds of women, school teachers, and their families to create a big-picture plan for their money and secure retirement. As a result, I noticed how women do money differently than men. Yet, the unique (emotional) needs of women have not been well served by the financial services industry. Which is why I’m super passionate about this work. I’m on a mission to teach women how to heal their relationship with money, take charge of their future and create a life they truly love.