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Is Your Beneficiary Information Up-To-Date?

Posted by Meredith Rines Posted on June 29 2016

 

Is Your Beneficiary Information Up-To-Date?

 

Do you know who you have listed as a beneficiary on your 401K, retirement accounts, life insurance, or bank accounts?  It’s important to keep that information as up-to-date as possible.

 

Designating someone as a beneficiary on your account says you want that person to inherit that specific account’s worth.

 

I have a Will that lists someone different then on the individual account, what will happen?

 

Well your designation on the specific account will inherit it, regardless of what your Last Will and Testament states. 

 

This is a big deal for those that have been remarried and haven’t got around to updating your beneficiary information.  Changing your Last Will and Testament will not update your beneficiary information for your retirement accounts, insurance policies or bank accounts.

 

Also, there are tax implications you need to consider.  You should talk to a tax professional who has experience in estate planning to make sure you’re on the right track.  Dairel can help you, give him a call at 573-686-3053 today.

 

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