CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Aaron Wolgamott
Financial Advisor
Central Willamette Wealth Management Services
Located at Central Willamette Credit Union
645 Waverly Drive SE, Albany, OR 97322
Phone: 541-918-7553
Email: aaron.wolgamott@lpl.com
September/October 2024
Understanding Beneficiary Designations
Your will is an important document for passing assets to loved ones when you die, but it doesn’t apply to everything. Life insurance proceeds, retirement accounts, annuities and similar accounts pass through beneficiary designations and are not governed by your will.
Review Your Selections
You chose a beneficiary when you initially set up your accounts. But things can change. Divorce, death of a beneficiary or even a change in your intentions can affect your selections. Revisit your designations periodically to ensure they’re up to date.Check Old Accounts
Forgetting about 401(k) or other retirement accounts held with former employers can result in outdated beneficiary designations. Remember to include these accounts in your review.Avoid Mistakes
Take special circumstances into account when you’re naming beneficiaries. Minors will not be able to claim assets until they turn 18 or 21 (depending on the etate). Individuals with special needs can lose valuable government benefits if they receive an inheritance directly. Setting up a trust to receive the assets may help in both situations.Keep in mind that godparents are not the same as legal guardians but could be a good choice to serve as trustees.
Integrate with Estate Planning
Your financial professional can help you review your beneficiary designations as an integral part of your estate plan.594801
Aaron Wolgamott is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Central Willamette Credit Union and Central Willamette Wealth Management Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Central Willamette Wealth Management Services, and may also be employees of Central Willamette Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Central Willamette Credit Union or Central Willamette Wealth Management Services. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.