Updating your beneficiaries doesn’t take very long and is incredibly important. A Beneficiary is someone who will inherit your assets to certain accounts when you pass away. It’s very common for people to forget to review their beneficiaries which could mean their assets go to someone they hadn’t intended.
When to do it
- Death of a beneficiary
- Falling out with the current beneficiary
- Children grown up and can handle money themselves
- You discovered a new charity you would love to support
- A beneficiary has told you they do not wish to be your beneficiary
What accounts to look at
Common accounts to have beneficiaries are retirement accounts, life insurance, annuities, and investment accounts. You should also consider looking at Transfer on Death (TOD) or Payable on Death (POD) accounts as well. These are commonly used for bank accounts such as checking and savings.
If you’d like to update your beneficiaries, just let us know, it’s a simple form and may help give you peace of mind.