It can be tragic. A concerned father, mother or grandparent had the foresight, wisdom and love to plan for one of the most dreaded financial possibilities—dying too soon—through the purchase of adequate life insurance and adding the proper beneficiaries to retirement accounts. Then, when the day comes that those valuable provisions are most needed, all of the careful plans and dreams are disrupted or, worse, destroyed by a simple oversight: outdated beneficiary designations. Such improper designations have resulted in life insurance proceeds going to an estranged ex-spouse. They can also cause disinheritance of newly born or adopted children, derail retirement plans, override specific provisions in a will, and create unnecessary, major estate-tax obligations.
Be certain your valuable life and retirement plan assets will benefit exactly the people you now intend. Review and update your beneficiary provisions with one of our professionals today.