Are Your Loved Ones Worth the Time it Takes to Make a Pot of Coffee?

By Elsie Dudukovich0 Comments

At least once a year and after a major life event, take a moment to review the beneficiary information for all of your accounts. This exercise, which can take as little time as making a pot of coffee, can end up saving loved ones from unnecessary time-consuming problems later.

Remember, one of the purposes of the IRA beneficiary structure is to bypass the probate process.  It can be as a way for designated survivors to receive necessary funds while the estate is being processed. 

Other types of accounts and financial instruments follow a similar structure and it is essential the beneficiary sections are complete and correct:
  • Retirement accounts
  • Annuities
  • Bonds
  • Mutual Funds
  • Life Insurance Policies
  • Certificates of Deposit
  • Bank Accounts
Some other things to consider:
  • If the institution holding your account changes names or merges make sure your beneficiary information is correct and the institution’s changes did not invalidate your request.
  • Remember to keep a hard copy of your important paperwork.  
  • Some people find it helpful to engage a financial advisor and an attorney when it comes to navigating estate matters.  Having a qualified, disinterested, third party providing guidance with an estate can be invaluable, especially during an emotional time.  In addition to making sure you have your important documents, you need to be certain the information contained is correct and complete. A qualified professional can assist and help give peace of mind.