Who are your Beneficiaries?
One of the simplest yet most overlooked parts of financial planning is keeping beneficiary designations current. These instructions—attached to IRAs, 401(k)s, life insurance, and annuities—determine who inherits your accounts directly, regardless of what your will or trust says.
Unfortunately, many families learn this the hard way. When Aretha Franklin passed away, confusion over her estate led to years of costly disputes among her heirs. Closer to home, I’ve seen situations where estranged relatives inherited assets simply because the paperwork was never updated.
Here’s why this matters:
- Beneficiary forms override your will. If the two conflict, the form wins.
- Life changes quickly. Marriage, divorce, births, deaths, and remarriages all affect who you
want to provide for.
- Outdated paperwork can create heartache. Without updates, loved ones may face delays,
disputes, or even lose out entirely.
Action step: Review your beneficiary designations regularly—we do this as part of our financial planning and review process with you. Call your bank or insurance company where other accounts and policies are held and be sure everything lines up as you wish. Call us if you have any doubt or need help interpreting this information.
Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions.
