Health & Fitness
Importance of a Beneficiary Review
With so much going on in our busy lives, it can be difficult to take care of financial "housekeeping" chores, even though we realize their importance. An urgent task that you should address promptly is to make sure your beneficiary designations are current for all your investments, insurance, and financial-related accounts. Here are some reasons why you should put a beneficiary review at the top of your "to do" list:
- If your beneficiary information is not current, in the event of your untimely passing your assets could be distributed to an unintended heir. This may be true EVEN if you have an up-to-date will, as beneficiary designations often trump all other legal documents.
- Having proper designations in place may extend tax-related benefits and reduce the tax burden for your beneficiaries.
- Taking a small amount of time to update and verify your designations will ensure that your wishes are met, and will prevent your beneficiairies from bearing added stress due to legal complications.
Craig Bernard, CFP, ChFC, CLU
Madison Investment Center
206 Boston Post Rd Madison, CT 06443
www.madisoninvest.com
Securities offered through LPL Financial, member FINRA/SIPC www.FINRA.org www.SIPC.org
The LPL Financial Registered Representative associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, CT, FL, GA, IL, IN, MA, MD, ME, NC, NH, NJ, NM, NY, OH, PA, TX, VA, VA.
Third party posts found on this article do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult me prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Tracking #651224
We’ve removed the ability to reply as we work to make improvements. Learn more here
