Beneficiary Planning Services

Do You Have Accurate Beneficiary Designations? We Can Fix That!

Choosing Your Account Beneficiary ~ Errors Can Be Costly to Your Heirs

Proper designation and regular review of your retirement account beneficiaries are essential to ensuring that what remains in your account(s) after you pass away goes exactly where you wanted. Improper designation or failure to update account beneficiaries can lead to unnecessary delays, taxes, legal battles, or the money simply not going where you intended.

The Basics

Always designate both primary and contingent (secondary) beneficiaries. Primary beneficiaries are the first in line to receive your account assets. Contingent beneficiaries will receive your assets in the event that your
primary beneficiary(ies) die before you do. If you have multiple
beneficiaries, then you should also designate the percentage each beneficiary is to receive.

Organizing your financial account and insurance policy beneficiary designations and details is essential to ensuring your assets transfer smoothly to your loved ones.

Every day, people pass away leaving survivors without access to beneficiary information, or beneficiaries are not designated at all. This can lead to unnecessary delays, taxes, legal battles, and/or your assets not transferring to your intended heirs.

Your Beneficiary Summary Report will help you organize and consolidate your beneficiary information so you know that it is immediately accessible when the time comes.

Access Beneficiary Planning Tool Here

Designating Your Spouse

For 401(k) and other plans subject to the Employee Retirement Income Security Act (ERISA), a spouse is the automatic sole beneficiary of your account unless your spouse waives his/her right in writing. For IRAs, non-ERISA 403(b) plans, and other retirement plans not subject to ERISA, you may name anyone you wish as your account beneficiary. However, if you live in a community property state, your
spouse has a right to 50% of the account assets that were accumulated during the course of your marriage.

Designating Your Children

When designating your children, it’s especially important to list them by name and include their Social Security numbers. Keep in mind that if you become divorced, the assets may end up in the hands of the minor child’s guardian, which may be your former spouse. In this instance, you may want to name a trustee or custodian rather than the minor child.

Keep a List

Keep an updated list of your beneficiaries that will be available to your family members or attorney upon your death. By law, plan administrators, custodians, and insurers cannot disclose the names of your account beneficiaries to anyone except you or your beneficiaries, and are under no obligation to contact your beneficiaries.

Reviewing Your Beneficiaries

You should review your beneficiaries on a periodic basis and make adjustments as needed. Life events such as marriage, divorce, child birth, or the death of a designated beneficiary can all warrant a change.

An Intregal Part of Estate Planning

Beneficiary Planning Tool ~ Get Your Financial Account Beneficiaries in Order

Do you have accurate benefiary designation? Do you see value in a resource designed to easily guide you through the process? Organizing your financial account and insurance policy beneficiary designations and details is essential to ensuring your assets transfer smoothly to your loved ones.

Every day, people pass away leaving survivors without access to beneficiary information, or beneficiaries are not designated at all. This can lead to unnecessary delays, taxes, legal battles, and/or your assets not transferring to your intended heirs.

Your Beneficiary Summary Report will help you organize and consolidate your beneficiary information so you know that it is immediately accessible when the time comes.

Access Beneficiary Planning Tool Here

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