Did you hear about the late Pennsylvanian man whose ex-girlfriend may inherit his $1 million retirement account because he didn’t review his beneficiaries? They had been broken up for over 30 years, but he never reviewed his information, and now she may be legally entitled to this money, instead of his family.
Don't let beneficiary designations slip through the cracks. While managing them across various accounts and policies can be complex, it's essential. Regularly review and update your designations, especially on older accounts like a retirement plan from a previous employer, to ensure your assets go where you intend.
Here’s a sampling of where you’ll find beneficiary designations:
- Employer-sponsored retirement plans [401(k), 403(b), etc.]
- IRAs
- Life insurance policies
- Annuities
- Transfer-on-death (TOD) investment accounts
- Pay-on-death (POD) bank accounts
- Stock options and restricted stock
- Executive deferred compensation plans
- In several states, so-called “lady bird” deeds for real estate
Remember to review your beneficiaries regularly! Let me help: https://www.sfs-fp.com/contact_us/