Good IRA Owners Update Beneficiary Forms

In my last blog post, I talked about the importance of doing a thorough review of your retirement accounts and plans at least a few times a year. Today, I’m going to focus on making sure your retirement account beneficiary forms–as well as insurance policy beneficiary forms–are up-to-date. This is very important as outdated or incomplete beneficiary information can cause a lot of pain for family and friends when it comes to distributing your estate. Incomplete or outdated beneficiary information can lead your accounts to fall into probate or, worse yet, lead to fighting and distruption among family and friends. Continue reading Good IRA Owners Update Beneficiary Forms

Checking Beneficiary Information Isn’t Taxing

Tax time is a good time to review your beneficiary information for your retirement accounts. As you well know, you receive a tax form for each retirement account (usually a 1099), which can serve as a yearly reminder to not just check the information within the form, but to also make sure that the beneficiary information is up-to-date as well. While that beneficiary information isn’t found on the tax form, it can be easily found by checking your account information, which can usually be done online these days. Furthermore, if you check your account and realize that you need to Continue reading Checking Beneficiary Information Isn’t Taxing

The Benefits of Updated Beneficiary Forms

Who gets your remaining retirement funds when you pass on? Nobody wants to leave their loved ones having to figure that out on their own. That’s why beneficiary forms exist. Beneficiary forms are an easy way to divide and designate your money so that the people of your choosing are bestowed with any left-over funds or insurance payouts. You usually designate a beneficiary (or beneficiaries) when you first open a retirement account. Beneficiaries can be changed at just about any time and you should review your beneficiary forms following major life changes (i.e. marriage, divorce, child-birth, a death in the Continue reading The Benefits of Updated Beneficiary Forms