You’ve kept your will updated regularly to make sure your assets are distributed according to your wishes upon death. Have you done the same thing with your beneficiary designations? If not, your wishes may not be carried out as you expect.
Often overlooked, the beneficiary designation can be one of the easiest ways to move assets directly to heirs without going through the probate process.
The typical example is an ex-spouse getting all your retirement savings. However, what if you have a child with an opioid addition, you die, and he or she inherits hundreds of thousands of dollars—that vanish in less than a year?
Most of us don’t realize how important it is to save and plan for retirement, until we’re around the corner from that big change. Sometimes you can catch up, and sometimes you have to delay retiring.
Life insurance can be useful in paying off debt, covering funeral costs and serving as a useful resource so that estate proceeds or any one person’s savings don’t have to be tapped.
Everyone’s needs are different. For most people, one large policy is enough. However, what if your life is not like everyone else’s? How do you know how much coverage you need?
In addition to naming a guardian in a will, there are five other critical financial moves.
An important discussion between parents and children is how you want to live.
Life insurance is more than a policy your heirs cash in when you pass. It can also work as a financial tool while you are living.
You can update your will twenty times, but if you don’t change the beneficiary designations, the unwanted consequences could be awful for your loved ones.