Category Archives: Beneficiaries
Your Girlfriend from the 1980s is Grateful for Your Million Dollars
It is no secret that a lot of people in America are living alone and while many have been in one or more serious relationships those never culminated in marriage. Meanwhile, these people accumulate assets but often don’t pay enough attention to what will become of them if the Grim Reaper comes for an… Read More »
What To Know About Naming Beneficiary Designations Following The Secure Act
Tax advantaged accounts, such as IRAs and qualified retirement plans like 403(b)s or 401(k)s require specific estate planning strategies. Creating a trust in and of itself may not be enough to protect the estate planning intentions of the creator of that trust. Revocable living trusts are usually funded with a person’s real estate, non-retirement… Read More »
What Are The Rules For Naming A Beneficiary For Your 401(K)?
When you sign up for a 401(k) plan administered through your work, you will be asked to name beneficiaries. These are people who would inherit the account if you passed away. It is often overlooked once someone has created this account because it is important to come back and update this material as your… Read More »
What To Know About The Two Basic Kinds Of Life Insurance Beneficiaries
Most people who take out a life insurance policy are doing so to help protect their loved ones in the event that the primary policyholder passes away unexpectedly. This can be an important financial contribution to continue supporting your loved ones and it is imperative that you understand how the policy works. The policy… Read More »
What Does Contingent Beneficiary Mean on My Retirement Form?
You must designate individual beneficiaries for your retirement plans at the time you establish these accounts as well as on an ongoing basis if the needs of your life change. The easiest way to think about this is that your primary beneficiary might be the one person that you choose to receive assets from… Read More »
What Is a Designated Beneficiary?
Have you set up your retirement account with your employer or recently applied for life insurance? In either of these circumstances, you’ll need to choose someone to receive the assets inside these accounts/policies when you pass away. In general terms, this person is referred to as a beneficiary. Completing aspects of your retirement plan… Read More »
What a Trustee Needs to Know About Making Final Distributions to Beneficiaries
Although beneficiaries of a trust will naturally have questions earlier on in the process, the concept of when they’ll receive their check or the assets set aside for them usually needs to be answered later on. Making distributions of remaining trust assets comes at the end of the process when a trustee is settling… Read More »
What Is Disinheriting a Beneficiary?
You’ve probably heard plenty of advice that you need to distribute your assets in your estate in a streamlined manner using estate planning documents. This is a basic tenet of the concept of estate planning and can be very beneficial for ensuring that your loved ones have an easier time receiving your assets in… Read More »
What Is a Payable on Death Account?
You might discover in the process of administering someone else’s estate or in structuring your own estate the existence of a payable on death account. A POD account is an arrangement between a credit union or bank and a client that designates the beneficiaries who will receive all of the assets belonging to that… Read More »
Do I Really Need Life Insurance Beneficiaries?
So you already have a life insurance policy in place as part of your estate plan- smart move. As part of your application and final policy approval process the company probably gave you a beneficiary form. This form is extremely important and should not be ignored. Even if you write in your will that… Read More »