Beneficiary designations may sound simple, but can actually be quite complex, especially when you start thinking of all the different possible scenarios:
- Are you sure your money will go where you want it to?
- When was the last time you looked at the beneficiary designations on all your accounts?
- How can naming beneficiaries help you make your heirs’ lives easier after you pass?
- If your beneficiary designations and your Will don’t match, who gets the money?
- Should you name your estate as the beneficiary?
- Are your beneficiaries emotionally and financially ready to get the money all at once?
- If your spouse dies, how important is it for you to claim their retirement accounts?
- What about taxes?
- Have you unknowingly disinherited your grandkids? Have you implemented per stirpes language to ensure this doesn’t happen?