Friday, December 20, 2013
It’s a good idea to routinely review beneficiary designations for life insurance policies, employer-sponsored retirement plans, IRAs, bank accounts, mutual funds, annuities, brokerage accounts, and 529 college savings plans. Here are six reasons why you may need to update:
- You have divorced or remarried.
- You rolled over your retirement plan when changing jobs.
- Your primary beneficiary passed away.
- Your financial institution changed ownership.
- You had a child or a grandchild.
- Your beneficiary became disabled.
See Harper Willis, The Big Estate-Planning Goof You May Be Making, Forbes, Dec. 16, 2013.