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Craig W. Schubert
Financial Planner
Business & Financial Strategies, LLC
Providing Insurance & Financial Services
1657 Crofton Blvd, Suite 200
Crofton, MD 21114
Phone: 410-841-0032
Fax: 410-841-0030
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Forgetting about 401(k) or other retirement accounts held with former employers can result in outdated beneficiary designations.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.1081086-00001-00
Craig W. Schubert is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), A Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Business & Financial Strategies, LLC.
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