May 19, 2014

Greetings! I hope that this will find you well and enjoying life.

You may think that because you’ve written a will, your estate plan is all set. What you may not realize is that instructions in a will do not supersede the beneficiary instructions on your retirement account, annuity, insurance policy or even bank accounts. For each of these accounts, you may have already named a beneficiary for the account proceeds upon your death. In fact, because many people often forget to change these designations as they get older and acquire new accounts, your assets could be spread out among any number of people with whom you may no longer have a relationship – including an ex-spouse.

It’s a good idea to review beneficiary designations on a regular basis and any time one f the following situations occur:

  • Divorce or remarriage
  • Job change
  • Retirement plan rollover
  • Birth or adoption of a child or grandchild
  • Beneficiary dies or becomes disabled
  • One of your financial institutions changes ownership

This information is not intended to provide any legal advice. Be sure to speak with qualified professionals before making any decisions about your personal situation. If you want the name of a quality attorney in your area contact us.

As always if you have questions about this information or any other financial issue don’t hesitate to call.

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