I’d like to continue this video series which is a Summer Financial To-Do List.
And today, I want to discuss Reviewing your beneficiaries: Doing a quick scan every year of the beneficiary designations named on all your retirement accounts and insurance policies can save a lot of headaches and heartache later. When an account or a policy has beneficiaries attached to it, those assets pass outside of one’s will. In order to ensure that your money is going to the people that you want upon your death, it’s worth reviewing your beneficiary designations periodically. The last thing anyone wants is the proceeds from these accounts going to an ex-spouse. Unfortunately, not updating your beneficiaries can lead to these unintended consequences which are not uncommon and oftentimes impossible to reverse.