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Estate Planning Must-Do!

Here's one of those items that you can think about and look into to ensure your estate planning is up to date!


That is beneficiary forms on your retirement accounts!


These forms can be filled out wrong or not updated!


Some examples of mistakes:


1. The account owner is divorced but leaves his/her ex-spouse on the account.


2. The institution doesn't have correct information on file. This can even be in regard to language such as “per stirpes”.


3. The account owner doesn't fill out the forms correctly (ie: even not using additional sheets of paper if necessary).


4. The account owner doesn't know how to properly phrase a beneficiary designation a particular way or the institution doesn't permit the account owner to phrase the beneficiary designation as desired.


5. A form was never received or processed by the institution.


6. Contingent beneficiaries were not properly named or even thought of.


7. A trust was not properly named, if part of the estate plan.


Review, revise and update your beneficiary forms on your retirement accounts!

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