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Trevor A. Farrington, LUTCF®, RICP®
Regional Vice President
Financial Advisor
Equitable Advisors, LLC
93 Worcester Street, Suite 103
Wellesley, MA 02481
Phone: 617-407-2684
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Forgetting about 401(k) or other retirement accounts held with former employers can result in outdated beneficiary designations.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.GE-6734756.1(7/24)(Exp.7/26)
Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in Ut; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal adviceor services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
www.equitable.com
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