Make Sure Your Will and Beneficiary Designations Coincide

Do you love your beneficiaries enough to take the time to check up on your beneficiary forms for your retirement accounts?

    You want to ensure that your plans are carried out for your loved ones when you are no longer here, and your will is the most common powerful tool you have for this very reason. But a will is rarely an one-and-done deal – it should be updated regularly to reflect life changes as they occur. You also want to make sure your beneficiary designations and your overall estate plan coincide so they work together instead of being in conflict.

    Beneficiary forms seem simple, and sometimes they are. Just to be on the safe side, however, you may want to read a recent article in The Slott Report titled “Beneficiary Form Review: The Gift That Keeps on Giving.”

    Essentially, designating a beneficiary or beneficiaries on a beneficiary form can allow you to exempt a given account or policy entirely out of your “probate” estate. However, when you avoid probate your will has no control over who inherits such account or policy. Accordingly, by not reviewing and updating your beneficiary forms, you risk giving your assets to the wrong beneficiary (e.g., an ex-spouse on your 401k plan).

    The take-a-way? Perform a beneficiary form audit of your accounts to ensure they are consistent with your wishes. Contact your estate planning attorney for assistance.

Reference: The Slott Report (February 18, 2013) “Beneficiary Form Review: The Gift That Keeps on Giving”

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