Your Beneficiary Audit

by Susan Scheide

New-Will-Everything-to-My-Wife Absolutely

The New Will- Everything to My Wife Absolutely

As we approach the end of 2017, many of us will look back on the past year with a mixture of emotions and thoughts. Some of you might be contemplating making resolutions for the New Year like getting your financial affairs in order. We’d like to suggest that one of those resolutions be to contact your Compass Capital Trusted Financial AdvisorSM for a beneficiary audit of your investment accounts including your IRAs, 401(k), 403(b), annuities, and even your non-retirement accounts that you can register as “transfer on death” or “payable on death” (TOD and POD).

Whether or not you have a will or trust, it’s important that your beneficiaries be reviewed to avoid any unforeseen consequences resulting from changes in your life such as divorce, marriage, the birth or adoption of children, etc. It’s also important to make sure your beneficiary designations align with any designations made in your will.

I’ve written about it before—my own father neglected to update the beneficiaries of his life insurance policies when he created a new trust. When he passed away we had to probate the proceeds of those policies, and we paid a great deal of money to his corporate trustee to handle that for us. The irony of it all is that he was the head of the trust department for a major bank, and if anyone knew better, it was him.

There are numerous cases of divorced investors who have left their former spouses listed as beneficiaries contrary to their actual intentions.

We can confirm who you’ve designated on your accounts managed by us quite easily, and it is easy to change beneficiaries should you need to. Accounts not managed by Compass can be reviewed as well, but may require some help from you. Don’t overlook this important review wait until another year has passed. Contact your Compass advisor today 781-535-6083!

Share this!Email this to someoneShare on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on Pinterest