As people, we are always looking for ways to improve our life experience.
Why not dig a little deeper? Go where you haven’t gone before?
Putting some thought into your estate planning now will save your family a whole lot of time, energy and trouble. Who wants to guess what your desires were after the fact? And, in a lot of cases, they guess wrong!
Take the time to talk to your insurance and financial services professionals at Great Lakes Insurance and let them assist you in not having issues to haunt your loved ones in the afterlife….
Merriam-Webster’s Dictionary defines beneficiary as:
We often think of beneficiaries when we are writing a will or getting life insurance. But there are places where designating a beneficiary is also important.
An important place to name a beneficiary that is often overlooked is at the bank. You can (and should) name beneficiaries for your bank accounts. What this ensures is that when you are no longer there to write that check to pay the electric, rent, whatever, someone will have access to your monies to maintain life necessities after you’re gone.
So is this really important?
Absolutely! If you don’t name someone as the beneficiary, those monies in both checking and savings accounts can be frozen throughout the probate process, burdening someone with having to cover expenses and to be reimbursed at a later time.
Another often forgotten place where we state beneficiaries is on IRAs. Do you remember setting up that IRA when you went to work for your employer? Are those beneficiaries still the correct ones? Have you experienced a major life event such as a wedding, birth of child or divorce? This is a great time to check out who is listed and make changes where necessary.
This should also serve as another reminder that designated beneficiaries of any insurance, IRA and checking account do take precedence over what is designated in a will. Being aware of these conditions is important as you are making your estate planning decisions.
See your local banker or financial services expert and make sure you have the proper documents in place to avoid this hazard in the future. If you have questions, please give us a call and let us assist you in finding all the correct information. We are here to help!
Disclaimer: We do not give tax or legal advice. Please see your accounting professional or attorney for further assistance.
Estate Planning is sometimes a dirty word.
No one wants to talk about it. It is the 900 lb. gorilla in the room. Chris Kyle thought that after all he’d been through, he had years before he needed to have the conversation.
Should the disposition of your assets be a concern? “No way. I won’t be here, so what do I care?”
You should care. Do you have specific wishes that you want followed? Do you want to make sure that your family properly disburses your funds, your stuff? Do you think they won’t fight over it? Or that instead of your millions of dollars in insurance money going to your favorite animal shelter, it goes to your nephew who is building his video game empire or online gambling habits?
Wills are an important way to convey those wishes in a legally-binding manner. It lays out the specifics and gives your family direction on your wishes. Planning ahead can prevent a lot of family fights.
There are a lot of examples of what happens when you don’t take the time and do some estate planning with your financial advisers, attorney or insurance team. Let’s talk about Chris Kyle.