It is important to make sure that beneficiaries on your life insurance policies, bank accounts, retirement accounts and other accounts/policies in which there is a legacy are up to date and reflective of your wishes. The named beneficiary on such accounts/policies supercedes whoever might be named in a will. Are you leaving your assets to a former spouse? A deceased individual with no contingent? Someone you no longer wish to have as beneficiary? Have circumstances changed such as the birth of a new child or grandchild? Do you have an old policy or account you forgot about?
Please take a few moments to review your accounts/policies and beneficiaries and make sure that they are current and appropriately reflect your intentions.
This information is provided for general educational purposes only and is not intended to provide a specific recommendation to any individual. Please seek professional help before taking any action in regard to your finances.
Todd A. Slingerland, CFP®
6 Tower Place Albany, NY 12203