Get Beneficiary Designations in Order

Regulations are changing everyday. Individuals need to review their beneficiary designations regularly. This should occur automatically when a life changing event happens. Remember some vehicles over

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Posted via email from stevenblom's posterous (Photo credit: Wikipedia)

ride your will.

A beneficiary designation form provides important estate planning for what may be one of an individual’s most valuable financial asset.  One must be completed for each of an individual’s retirement accounts, and reviewed and updated at least once per year or whenever there are life changing events that affect the beneficiaries. If the beneficiary is a charity or other non-person, a verification process must be used to make sure it is still in existence and in good standing.Custodians and plan administrators usually want to do the right thing, and presenting a beneficiary designation form in a manner that is consistent with their operational requirements, policies, and procedures will help them to do just that.  Bear in mind that the individuals handling the designation forms are usually customer service associates with no legal background. Therefore, where possible, the designation should be as straightforward as possible. The more sophisticated designations should be submitted to the firm’s legal department for review and approval.

This is not a set it and forget decision.

Please comment or call to discuss.

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