Are your beneficiaries up-to-date?

July 17, 2:20 PMJacksonville Retirement Planning ExaminerBryan Dudones

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A will is not the only document that will transfer your assets to your heirs upon death. Certain types of assets are transferred directly to heirs through a beneficiary designation. A beneficiary designation is a legal form where you name the person who will receive the assets upon your death. These documents override provisions you make in your will. Assets that pass by beneficiary designation include:

* Insurance (life, accidental death and dismemberment, etc.)
* Retirement plans (IRAs, 401(k) plans, Keoghs, etc.)
* Certain annuities
* Accounts with transfer on death (TOD) designations

It's very important to review and update your beneficiary designations, especially when you experience a significant life event such as marriage, divorce, birth, or adoption. Also, a change in tax laws or a change in your overall financial situation could warrant a review. Why? Because outdated beneficiary designations (deceased parents, ex-spouses, etc.) could misdirect the flow of your entire estate plan, resulting in unintended heirs and/or negative tax consequences. If you haven't reviewed your beneficiary designations in a while, now may be a good time to do so.

Nothing in this article should be construed as specific investment advice. For investment and tax concerns specific to your needs, please request a personal consultation from your Advisor.