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Holidays and Beneficiaries

Hi Everybody,

Happy Wednesday!!! I hope all of those that were celebrating enjoyed their holiday weekend. This weekend gives me hope that Spring is actually on the way!

After being with the family this week, it’s the perfect time to consider beneficiary designations.

  1. Beneficiaries of a Will must adhere to the probate process to receive their inheritance. Being a beneficiary under a traditional Last Will and Testament can take quite a bit of time and can be stressful. Consider setting up a trust in order to provide your beneficiaries with instant access to their inheritance.

  2. Never name your minor child on a beneficiary designation form. A family trust avoids the need for a conservator. Further, it allows a Trustee to manage and distribute assets for your children at appropriate ages and stages.

  3. Beneficiaries of life insurance or retirement policies receive their money outright. As long as your beneficiary designation is properly filled out probate can be avoided.

  4. Strategize before naming beneficiaries of your retirement plan. Naming a financially savvy beneficiary of your retirement benefits can allow your IRA to grow for a number of years tax-deferred. Educate your beneficiary about not immediately withdrawing retirement benefits.

  5. Consider the consequences of naming particular beneficiaries. Keep in mind the general demeanor or limitations of certain beneficiaries. For example, do not assume that if you name your eldest child they will freely share their new found inheritance with their siblings. It’s also important to be cautious of any drug, alcohol, or dependency issues. You always want to consider where your assets are going and how they will be handled once relinquished.

Deciding what goes to whom and in what manner can be a complex decision. Be sure to consider all of your options before filling out a form by default.

Until next time,


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