Investigating Beneficiary Designations
Episode 26
In this episode, Philip Mock, CFA, CFP(R), dives into beneficiary designations. Beneficiary designations are a simple and free update you can make to your estate plan to make sure accounts with named beneficiaries are set up properly. Typically accounts like retirement accounts and assets like insurance policies will require designated beneficiaries to receive those accounts and assets if the account holder passes away.
Often beneficiary designations are set up when the account is opened, and then forgotten. As life happens with births, deaths, divorces, and marriages, the beneficiary designations can quickly become stale and outdated.
We discuss in this episode why it is so important to set your beneficiary designations correctly, and we discuss some pitfalls to avoid when naming your designated beneficiaries.
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