Updating Your Beneficiaries with Your Financial Institution

This summer we have been trying to get you quick bites of information that are very “nutrient dense.” Educating you about simple things you can do that will give you a big, immediate benefit. One of the most important planning tools that is often overlooked is updating beneficiaries with your financial institutions after a major life event.

Have any of these life events happened to you this year?

  • Marriage
  • Birth of a child
  • Death
  • Divorce
  • Disability
  • Trust creation
  • Rollover of IRA

Naming the correct beneficiary is an important part of your ongoing estate planning.

Reason: An asset with a “named beneficiary” does not flow through the probate process, but instead goes directly to the beneficiary according to the old beneficiary designation on file with the financial institution. This could have unintended results especially upon a life event such as a marriage or divorce, where you may want to immediately update your beneficiary information to align with your new circumstances! You want to keep your planning up-to-date, because life changes happen all the time.

Set aside 15 minutes in the next week to review your beneficiaries and make sure they are reflective of your goals. Never assume your beneficiaries are up-to-date!

Additionally, as part of our Funding Assistance services, we will assist you in changing beneficiaries on your bank/investment/brokerage accounts, life insurance policies, or retirement accounts, if you don’t have the time to do it yourself! To get more information, contact Noah Evans

You can do this review yourself quickly, or have us help, but the important thing is to get it done, so you have the peace of mind you deserve.


Eileen and Kristin

PS: For clients who desire a secure digital vault to store your financial and estate planning documents in one place, complete with annual reminders to review your assets and make any necessary updates, join our Annual Maintenance Program!