We at The AR Group are playing a twist on a classic holiday favorite. For twelve days in December, we will be posting year-end and holiday tips for the success of you and your business.
Make a list of all your current accounts through which a beneficiary has been or can be designated, including retirement accounts and life insurance policies. Add two columns to the list: one for the beneficiary, and the other for the date it was last updated. Keep this with other important documents and review once every year for potential changes.
Be sure to carefully evaluate each beneficiary designation. Too often the name is misspelled and scriveners errors can lead to unintended delays, or beneficiaries might be left with nothing at all.
Remember, wills (and even divorce decrees) do not override, change, or modify beneficiary designations. This means that if changes are made to the will, beneficiary designations need to be updated as well to ensure the assets go to the intended recipient.