We were invited to take part in a webinar by the ARIES Foundation for Financial Literacy as part of their "Thirsty for Knowledge Thursday" series. I had the pleasure of talking with Tom Alessi, Investment Advisor with The Moody Street Group and President of ARIES, to discuss the importance of updating your beneficiary designations.
And we talked for an hour. About beneficiary designations!
"How could two people possibly talk about beneficiary designations for an hour?" you are likely asking yourself. As it turns out, there are lots of pitfalls and traps when it comes to designating a beneficiary of a retirement account, life insurance policy, or annuity. This is especially true when the intended beneficiary is minor or disabled individual.
Beneficiary designations are a critical part of an estate plan. Designations made properly can assist in a client's family avoiding the probate process or avoiding the court appointing a guardian and/or conservator for a minor child. It's also important to be sure that your designations are working in concert with the estate plan by updating the beneficiary to a trust if necessary.
Be sure to double-check any retirement accounts that you have through your employing, as well as life insurance policies that come as part of your benefits. If you use a financial advisor, schedule your yearly check-in to review this piece together. If you have not created an estate plan and are not sure the right way to dispose of your assets, call us today to schedule an initial conference.