Most of us have assets that require a beneficiary designation. You created them all to protect your financial future and the people you care about the most. 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 that company right out of college. Or, perhaps the IRA you have been scrupulously contributing to for two decades. Is your ex-girlfriend or ex-boyfriend still the beneficiary on one of those assets and/or policies? If so, they would be entitled to that inheritance, regardless of your feelings or your wishes today. That is why it is important to review your beneficiary designations on a regular basis or when something has changed in your life to warrant a change of beneficiary.
Over time, your personal situation may have changed. Perhaps you have gotten divorced and remarried? Or one of your children has gotten married, and you are not exactly thrilled with your new son or daughter in law? The fact is, change is a part of life. The question is, have your beneficiary designations kept pace with the changes in your life? If not, please check that they reflect your wishes.
We understand that reviewing your designations is something that’s easy to put off – the kind of chore you’ll get to “any day now.” The consequences of not doing so, however, can be catastrophic. At the very least, it will thwart your wishes regarding precisely who you want to receive your hard-earned assets after you are gone. As estate planning counselors, we can’t help but implore you—okay, maybe even nag you—to review your designations as soon as possible. Preferably today!
Please contact us today to schedule a time to discuss your estate planning needs.