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Beneficiary Designations

It’s extremely important, especially if you haven’t done so in awhile, to periodically review and update your beneficiary designations relative to your life Insurance, employer sponsored benefit plans (e.g. 401k’s, 403b’s and defined benefit plans, etc.), as well as your individual retirement plans (e.g. traditional and Roth IRA’s), in order to make sure you have properly named your intended beneficiaries.

Otherwise, upon our demise, either your estate will need to report the distribution of the asset, if no beneficiary is named, or else the named beneficiary, whether accurately designated as your beneficiary or not, will receive the underlying asset, irrespective of what your will or other legal documents declare. Unfortunately, sometimes an ex-spouse, a deceased individual, or other unintended beneficiary is named as the designated beneficiary, enabling the named beneficiary to receive the decedent’s benefits, upon the death of the policy holder. Please contact us if you have any questions, or need any advice, relative to the naming of your beneficiary(ies).

Latest Tax & Accounting News By Mike Wittenberg
Posted July 10, 2013