With the changes to the laws pertaining to retirement accounts, now is a great time to review your retirement account information. It is important that your beneficiary designation is filled out correctly. If you want the retirement account to go into a trust, the trust must be properly named as the beneficiary. If you want the beneficiary to be an individual, they must be properly named as the beneficiary. You should list contingent beneficiaries as well.
If you have recently divorced or married, you will need to ensure that the appropriate changes are made to your beneficiary designations. At your death, the account funds are usually distributed to the beneficiary listed, regardless of your relationship with the beneficiary or what your ultimate wishes might have been.
Schedule an appointment today to discuss your beneficiary designation options.
