{"id":9471,"date":"2019-06-20T09:40:14","date_gmt":"2019-06-20T13:40:14","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=9471"},"modified":"2019-06-20T12:18:21","modified_gmt":"2019-06-20T16:18:21","slug":"tips-to-make-sure-your-beneficiaries-are-accurate","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/tips-to-make-sure-your-beneficiaries-are-accurate\/","title":{"rendered":"Tips To Make Sure Your Beneficiaries Are Accurate"},"content":{"rendered":"\n

There are numerous life events that\ncan make us reconsider who we want to leave money to in our 401(k)s, IRAs,\n403(b)s, annuities, life insurance policies, brokerage accounts, etc.  Unfortunately beneficiaries can pass away too\nsoon (death); sometimes beneficiaries are no longer spouses (divorce);\nsometimes there\u2019s a new additional to a family (birth and\/or marriage), and sometimes\nhurt feelings may influence beneficiary changes (often not the wisest\ndecision).<\/p>\n\n\n\n

Review your\nBeneficiaries Often<\/strong><\/h3>\n\n\n\n

Often these life events involve so much that people\nsometimes forget to review\/change their beneficiary selections, and that can\ncause headaches down the road if they\u2019re not addressed in a timely manner.  I\u2019ve heard too many stories re: that former\ncouple who got divorced and one person remarried, but forgot to take the former\nspouse off as a beneficiary on a life insurance policy\u2026how do you think the\ncurrent spouse feels when she watches not only her beloved husband pass away,\nbut also watches the ex-wife get the life insurance proceeds?  According to PA law, there\u2019s nothing that the\ncurrent spouse can do in that situation (and it could\u2019ve been avoided with a\nsimple beneficiary review).<\/p>\n\n\n\n

Instead of forgetting to make these important changes\nshortly after they occur, make sure to be proactive and update your\nbeneficiaries as soon as possible on all applicable accounts.  If you work with a qualified financial\nadvisor and\/or professional insurance agent, hopefully he\/she is aware enough\nto make beneficiary updates an important part of the customer review process\n(so you\u2019re up to date and avoid issues). \nIf your advisors reach out to you proactively to prepare the beneficiary\nupdate paperwork in a timely fashion, your advisors are doing the right thing\nfor your situation.<\/p>\n\n\n\n

Timely Beneficiary\nUpdates Will Help your Loved Ones<\/strong><\/h3>\n\n\n\n

It\u2019s the little things like making sure your beneficiaries\nare accurate that can make a huge financial difference in your life, so why\nleave it to chance?  Get it done now;\nmake a list of all applicable accounts (or your advisor can do that for you),\nand make the necessary beneficiary changes (don\u2019t forget to update your will,\nliving will, POA, and health care directive as well) \u2013 you\u2019ll be glad that you\ndid (and so will your loved ones).<\/p>\n\n\n\n

Find an\nexperienced financial advisor who reviews beneficiary selections during life\nevents, works for an RIA firm, earns his\/her money from fees (NOT commissions),\nbelieves in having an abundance of investment choices for clients, and has the\nheart & demeanor of a teacher, NOT a salesperson, and chances are you\u2019ve\nfound the right financial advisor to help you prepare and plan for your goals.<\/p>\n\n\n\n

\n\nTo learn more about Martin Federici<\/a><\/strong>, view his Paladin Registry research report<\/a><\/strong>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

There are numerous life events that can make us reconsider who we want to leave money to in our 401(k)s, IRAs, 403(b)s, annuities, life insurance policies, brokerage accounts, etc.  Unfortunately beneficiaries can pass away too soon (death); sometimes beneficiaries are no longer spouses (divorce); sometimes there\u2019s a new additional to a family (birth and\/or marriage), and sometimes hurt feelings may influence beneficiary changes (often not the wisest decision). Review your<\/p>\n","protected":false},"author":12,"featured_media":4567,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765,117],"tags":[],"class_list":["post-9471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance","category-retirement"],"yoast_head":"\nTips To Make Sure Your Beneficiaries Are Accurate - Paladin Registry Blog<\/title>\n<meta name=\"description\" content=\"Selecting beneficiaries is a confusing task. Here is how to select the accurate beneficiaries. 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