Avoid Future Problems by Keeping Beneficiaries Up to Date

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Estate planning is one of the most critical processes an individual can go through, especially when they have substantial assets to consider. Ensuring that your loved ones are cared for after your passing and that your estate remains in order, is a complicated process. Making a will is a crucial step, but it isn’t the final one. You may make new investments, open more accounts, and even adjust your will over time. These investments may carry their own beneficiary terms, just as your will does. I’ve seen many instances where someone failed to follow through on a beneficiary update, leaving an unclear will behind. The result is confusion and often a lawsuit.

With that in mind, I think it’s especially important to spend some time thinking about beneficiaries during time spent planning your estate. How do you want to divide your assets and who should receive what type of share? Here are a few of the things you should keep in mind when designating a beneficiary at any time you update your will.

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Michael Fassi
Michael Fassi is a seasoned professional in the financial services industry. His expertise is in helping clients with investment and retirement distribution decisions with a primary goal of making sure that clients don’t outlive their retirement income. As a CLU and ChFC, Mike works with many business owners in the areas of succession and estate planning. Mike teaches retirement planning classes at Colorado State University, the University of Northern Colorado, the University of Nevada – Reno, and Truckee Meadows Community College – Reno, Nevada, and is involved with with the Civil Air Patrol and Honor Flight of Northern Colorado.