Recently I have had a number of clients who pass away who were are single. I mention them being single because when you are married, normally, the spouse is your beneficiary and that makes things a bit easier. One sad conversation I just had was with the executor of a client’s estate, who found out they were not a beneficiary of any of the accounts I manage. I felt horrible having to ask identifying questions to make sure I could talk to this person, then inform them that they are not the beneficiary. This was crushing.

My advice has been; when you are together as a family for a happy event and everyone is healthy, this is a good, though awkward, time to discuss these issues. Ask your family members to identify items in your home that they would like. Collect pertinent information such as dates of birth, social security numbers, current address, and phone for the beneficiary listings.

The topic is never a fun one – just have it so you are all on the same page – and be done with it.

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