Change of Beneficiary
Importance of Updating Your Beneficiaries
At The Crecink Law Firm, PLLC, we have been helping individuals establish valuable estate plans that not only maximize their assets, but that ensure that their assets and property go to whom they want, when they want. We have nearly 40 years of experience in estate planning, and have the ability to carefully review your situation and family dynamics and help you develop a plan that will meet your short and long-term goals. When you come to our firm, you can trust that you are in very good hands.
One of the critical components of an estate plan is making beneficiary designations. A beneficiary is a person or legal entity that is entitled to receive proceeds from your estate, trust, life insurance policy, bank account, retirement account, or transfer on death accounts. A beneficiary can be one or more people or organizations, such as a trust or a favorite charity.
Beneficiary designations on bank accounts, retirement accounts and life insurance policies are extremely important because they typically supersede instructions in wills, which is why it's so important to keep your beneficiary designations up to date. By periodically reviewing your beneficiary designations in your insurance plans, financial accounts and other estate planning documents, you can be rest assured that your assets will be distributed according to your wishes.
When to Review Your Beneficiary Designations
Review your beneficiary designations whenever:
- There is a birth in the family
- There is a death in the family
- You get married
- You get divorced
- You update your will
- You create or update a trust
- You roll over a 401(k) or Individual Retirement Account (IRA)
Contact a Starkville Estate Planning Lawyer
As an estate planning law firm, we know beneficiary designations are an important part of the estate planning process. A significant portion of a clients' wealth may be controlled by beneficiary designations in life insurance, while some wealth may be in financial accounts with beneficiary designations or "Transfer on Death" or "Pay on Death" designations.
Beneficiary designations need to be reviewed and updated periodically. Circumstances and peoples' lives change; for example, a client may have gotten married, divorced and subsequently remarried. Because of life's changes, beneficiary designations are exceedingly important. A large portion of our clients' wealth is controlled by beneficiary designations, thus it's important to ensure these designations are not forgotten or become outdated.
To speak with our Starkville estate planning attorney regarding changing a beneficiary, please contact our office at (662) 253-7246 to arrange a free consultation!