By Allen Giese, ChFC®, ChSNC®, CLU®
We know you’re not going to die … probably. But just in case wouldn’t it be a good idea to review the beneficiaries you’ve listed on your accounts?
After over 30 years as a financial planner, I can tell you it happens all too frequently that someone passes away and leaves money to a beneficiary they didn’t intend to. Maybe it’s an ex-spouse (oh, no!) or someone who has already passed away. Maybe you’ve listed two kids, but now there are three. The possibilities are endless.
Accounts that have beneficiaries are most commonly life insurance (through work as well as personally owned), retirement accounts, like SIMPLE IRAs, 401(k)s, 403(b)s, and pension plans, as well as individual retirement accounts (IRAs) and Roth IRAs. You may need to contact the company that administers the plan or has custody of the account, but it’s well worth the exercise.
Have questions about how to make sure your wealth goes where you want it to go if something were to happen to you? Call us! We’d be glad to review it with you and answer any questions you may have.