Beneficiary Designations May Need To Be Reviewed

Knowing when you need to change your Beneficiary Forms is an important part of Estate Planning.

Estate Planning is an ongoing process.  Your Will and other estate planning documents should be reviewed and updated whenever you have had any meaningful changes in your life.  And knowing the appropriate times to do that is important, according to the Aiken Standard in "On the Money: Don't disinherit your loved ones."

Some of the appropriate times include:

• If you get divorced or remarried.
• If you get a new employer and roll over your old qualified plan account.
• If one of your designated beneficiaries passes away.
• If you change the financial institution where you have your account(s).
• If you have a new child or grandchild.
• If one of your beneficiaries becomes disabled.

Reference: Aiken Standard (Dec. 10, 2016) "On the Money: Don't disinherit your loved ones."