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Michael R. Banks, P.A. Blog

Wednesday, November 9, 2011

Estate Planning Tip - Check Your Designation of Beneficiary Forms

Do you remember when you last checked your Designated Beneficiary forms for your various financial accounts or products?  As part of your estate planning plan, you should check on an annual basis the designated beneficiaries for each of your financial accounts or products that have diesignated beneficiaries.  You should get written confirmation as to who your designated beneficiaries are, directly from the appropriate financial companies.  Keep these written confirmations with your estate planning documents.

Retirement accounts (e.g., IRA, 401k), and insurance products (e.g., life insurance, annuities) often allow you to declare beneficiaries.  You probably last filled out the designated beneficiary form when you set up the acount.  Have there been changes to you life?  If you recently divorced, your former spouse may still be named.  Maybe the beneficiary you named has died or become incapacitated.  Maybe it is no longer appropriate for the named beneficiary to recieve the property.  

Because many banks, insurance companies and brokerage firms have merged, their records have become lost or missed managed.  Having a dated written confirmation of the designated beneficiaries from the financial institution will help in ensuring that the right people get your property in the event the financial institution loses your paperwork after a merger.  

Be safe.  Be prepared.  Check your designated beneficiary forms today.




Attorney Michael R. Banks, Esq. assists clients with Estate Planning, Probate, Trusts, Litigation, Elder Law, Asset Protection and Business Succession matters throughout Martin County and Saint Lucie County, FL. we represent clients with their Estate Planning matters. We serve all of the Treasure Coast, including Martin County, Saint Lucie County, Indian River County, and northern Palm Beach County. We serve the communities of Stuart, Sewall's Point, Hutchinson Island, Palm City, Jensen Beach, Port Salerno, Indiantown, Hobe Sound, Jupiter Island, Jupiter, Jupiter Tequesta, Juno Beach, Palm Beach Gardens, Port Saint Lucie, St. Lucie West, Fort Pierce, and Vero Beach, FL



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