There are few things that people in Tennessee or elsewhere like to think less about than their own death. It is a subject that few seek to discuss and many try to avoid. This can be a mistake, says one recent report, especially for the beneficiaries left behind. Instead, estate planning is vital to those who wish to protect their assets and loved one after they pass away.
The report notes that there are some estate plan elements that should be reviewed on an annual basis. These include the beneficiaries for accounts such a banks accounts, investments, insurance policies and pensions. This review can help limit some of the unfortunate outcomes that a lack of planning has created for some people in the past.
Step-children have been left out of inheritance even when they are clearly the ones that the now-deceased step-parent intended to leave pension money to after his or her death. Ex-spouses have been paid insurance funds years after the deaths of their ex’s. All of this could have been avoided through estate planning.
People in Tennessee can designate beneficiaries for their policies and accounts at the time of their purchase or creation. As part of their estate planning, they can also make changes to their plan’s documents as life changes. When grandkids come or a divorce happens, the designated beneficiary for a plan may also need to change. However, without the filling out of the proper documents, many find after a loved one’s death that they are not entitled to payments they thought that they would be. To avoid this, experienced professionals recommend an annual review of all estate documents, including the beneficiary status on accounts.
Source: marketwatch.com, “Make this estate planning move right now: Check your beneficiary designations“, Bill Bischoff, June 29, 2017