Tag Archives: Why

Why you should be careful when choosing your Beneficiaries

In a continuation of our Why series – if you want to see the entire series just scroll down to the right side of our blog site and change the category to “Why” – there are some neat ideas in our opinion….

And a topic that came up this week with much discussions, once again giving us a subject matter to share…

In a preview article to a more detailed Newsletter article that goes well with our Institutional Trustee article….

Why you should carefully choose your Beneficiariesbeneficiary - 42001392872_ddd235968d_m

The most important point to remember is that whatever your account title  (IRA, Trust, TOD – transfer on death) documentation has deemed a beneficiary, that is where the funds will go, without regard to what your Will or even what Trust documentation may say…

Making sure all of your title documents send fund to where/whom you currently desire….

Want some examples we have seen over the last three decades:

  • Currently married – maybe for a while – but a Parent is still your beneficiary (Easy fix, frequent occurrence)
  • Minor child is the beneficiary – this will not work- courts will end up deciding
  • Ex Spouse – yikes -there are some relief with divorce decrees, but sloppy
  • Sibling that for whatever reason you no longer desire to be a beneficiary
  • Two of your three grown children – by accident, forgetting the third

Don’t let an accidental oversight in your Beneficiary designation slip through the cracks – Review occasionally, and you will be in good shape!

Have a Great “NOT forgotten Beneficiary” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
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