Are Your Retirement Account Beneficiary Designations Correct?
April 28, 2021 |Lawrence L. McCooey
Checking the status of beneficiary designations on your retirement accounts is probably not at the top of your to-do list, but there could be significant and costly implications if you don’t.
I didn’t think much of it when I read this suggestion in one of my regular professional publications, although lately I had been hearing more about the topic. For peace of mind, I decided to check my own retirement account. To my great surprise, the beneficiary information was wrong! The electronic plan documents were missing key information like distribution percentages and personal information for the beneficiaries. A note on my account page said the custodial firm would just “split your account evenly across your beneficiaries.” I am certain when I initially filled out the forms they reflected my wishes, but somehow the information was incorrect.
This could have caused real problems at my death, especially for my wife.
After discovering the errors on my own account, I would strongly recommend that you take a few minutes to check your retirement plan beneficiary information. It will be well worth the effort.
In addition to checking the beneficiaries on your retirement accounts, it’s also important to have a will or trust in place to ensure your family and favorite ministries are provided for after you’re gone. Having a clear and set plan will give you peace of mind and make things much easier for your family when the time comes. Orchard Alliance can help you do this. Our experienced team can craft a biblically based estate plan for you at no cost or obligation. Give us a call at 833.672.4255 or email [email protected] to get started.
We’d be honored to serve you.