Are Your Beneficiary Designations Up to Date?
- February 12, 2013
- Estate and Legacy Planning
Thanks Hallerin. Today I have a simple question about your IRAs, 401ks, and other retirement accounts. Are your beneficiary designations up to date? See when you pass away you should know that your will and trust has absolutely nothing to do with who gets your retirement accounts if your beneficiary is still alive. Many don’t understand that the beneficiary form has total legal authority over who gets these retirement accounts. So be sure to review all of your beneficiary designations and update them as needed. Next, be sure you used the proper forms issued by the financial company with custody of the account so there are no mistakes or misunderstandings. And finally, be sure that you have a copy of these forms in case the financial custodian misplaces their copy.