How Important Are Beneficiary Designations? How Important Are Beneficiary Designations?

Any account or asset that has a beneficiary designation will not have to go through the lengthy and expensive probate court process when we pass away. These beneficiary designations take precedence over what we state in our will. It is very important, then, to make sure we update those designations.

The passing of loved ones, divorce, or the establishment of a trust are all triggers for reviewing your beneficiary designations. It is very simple to update those designations so your assets will pass to the correct people or charities in the future.

You can also put beneficiary designations on your home, vehicles, and bank accounts. “transfer on death, or tod” and “payable on death, or pod” are two terms that really just designate a beneficiary. The bmv can assist you with adding a tod to any titled vehicles. You can also ask your bank to add “payable on death” beneficiaries to your checking and savings accounts. Your investment advisor can assist you with updating or adding beneficiaries to your investment or retirement account.

By listing beneficiaries for all of your assets, there will be no need for a costly probate estate when you are gone. Your family will thank you for this; so, review your beneficiaries and update them as needed.

 

Written by Carla Oglesbee
Oglesbee Law, LLC
614-776-4266

Cambridge and Oglesbee Law, LLC are not affiliated.
Cambridge does not give legal advice.


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About the Author

Bob Hanna

Bob Hanna

Bob feels strongly that you only retire once leaving no room for mistakes. He is dedicated to building and more importantly preserving investors assets. Bob is a Financial Advisor with Cambridge, an independent broker-dealer, honored to be among the most respected firms in the industry.

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