Reviewing Beneficiaries Should Be Done Periodically
Feb. 28, 2019
Most people in the Myrtle Beach area have accounts that list beneficiaries. When these financial accounts are set up they often need to designate a beneficiary. This is usually done but may not be reviewed ever again. Not reviewing a financial account’s beneficiaries can be a major problem in a person’s estate plans.
Many Myrtle Beach area residents have spent the time to create an estate plan. The estate plan may include a will and a trust which designates who will receive a person’s assets upon their death. But, regardless of what a will or trust spells out, many assets will pass to their beneficiary regardless of what the estate plan says. Life insurance and retirement accounts are often passed to their beneficiaries and if these haven’t been reviewed in years, the beneficiary may not be who the deceased intended. A person should periodically review their beneficiary designations, especially when there has been a marriage, divorce, death, or birth of new children. A person’s beneficiary designations that were made when they were in their 20s are almost certainly different now that they are older.
Estate planning has far reaching implications for Myrtle Beach area residents. Taking the time to protect a family’s asset and designate who gets these assets after they die is important. An attorney who specializes in estate planning can offer many advantages to their client. These include avoiding probate after a death, maintaining a family’s privacy over their assets, and protecting a family’s inheritance and wealth for years to come.
Having an effective estate plan preserves a person’s legacy and allows them to control who receives their assets after they die. Myrtle Beach residents should periodically review their beneficiary designations to make sure they are up-to-date. Having a comprehensive estate plan can ensure a person’s wealth is preserved for years to come.