Are Your Beneficiaries Current?
Life is like a movie. Scenes and characters change. As each year passes, children, siblings, business partners, in-laws and spouses in your life may change. Is your beneficiary designation current? Is your beneficiary paperwork keeping pace with your intentions for who should benefit from life insurance and/or your IRA in the event of your death?
Sometimes, seemingly minor oversights can have tremendous consequences, especially where financial paperwork is concerned. Most of us name our beneficiaries on the appropriate paperwork on the day we open our IRA or buy an insurance policy…and then we never give the matter another thought, not for years and years. That could be a BIG mistake.
Good intentions are not enough. The paperwork must be current. Companies are legally obligated to do what your documents direct them to do. IRA accounts and life insurance policies are contracts. Hilliard Lyons is required to follow your document’s instructions in regard to your beneficiaries. Mishaps with beneficiary designations can result in lost investment opportunities, accelerated taxation and other problems.
I can help you flag vulnerabilities and/or unintended consequences that could jeopardize your wishes. Call me to make an appointment today where we can review and update your beneficiaries on both your IRAs and insurance policies.