If 2020 has taught us anything, life may not always go the way we have planned. I have seen family dynamics change among my clients, some happy, some not. Here is my second tip for the New Year: Confirm your beneficiaries.
If you got married, divorces, or sadly, lost your spouse due to death, have you changed your primary beneficiary designations? Along with that, do you have contingent beneficiaries named?
Have there been births that may beg for a change in your contingent beneficiaries?
Have you checked these beneficiary designations on your retirement accounts, life insurance policies, and general investment accounts? Did you know you can add a beneficiary to your bank accounts? If not, please make sure you do so.
Having the proper beneficiary designations assures your funds will go to whom you wish and will help avoid Probate.