Retirement Accounts

Beneficiary Designations: Do you know where your money is going?

When you die, most of your property will be passed to your heirs according to your will or other estate planning documents (assuming you have contacted us first!).  However, if you happen to have a bank account, brokerage account, retirement account, annuity, 529 account or life insurance policy, which, let’s face it, nearly everyone does, these assets will be passed according to the beneficiary designation on file with the administrator of that account.  All too often, a beneficiary designation is a piece of paper filled out when an account is set up and is then quickly forgotten by the account owner.  This article by Bill Bischoff of examines how not reviewing beneficiary designations on a regular basis can lead to unintended, disastrous (and costly) results.

The moral of the story is that you should review your beneficiary designations at least once a year or whenever a significant life event (a birth, death, marriage or divorce are the most common) occurs.  Checking your beneficiary designations usually takes a few minutes and is an easy way to ensure that your estate planning goals are met.

For more information about beneficiary designations or to schedule an appointment with one of our estate planning attorneys to review your estate plan, please contact our firm at (608) 837-7386.

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