This week, I’m talking about estate planning essentials. If you think a will is all you need or that you need to be ultra-wealthy with a complex estate to have all the proper documents in place, think again. Estate planning deals with so much more than divvying up your assets when you die, and it’s an essential way to help ensure that you and your loved ones are taken care of when (not if), but when you die or become incapacitated. 

As I mentioned earlier this week, I am not an estate planning attorney, nor do I play one on this podcast, and today, I’m moving comfortably back into my wheelhouse to talk about beneficiary designations on your investment accounts. One thing that most people don’t realize about beneficiary designations is that beneficiary forms can override your will. Yes, that’s right...Whoever you put on that beneficiary form for your IRA, 401k, insurance policies, or any other investment account that allows you to name a beneficiary...that’s who is going to receive the assets in that account after you die. 

Let me repeat that. The beneficiary designation on that life insurance policy or IRA account of yours, will trump your will. This could be a costly mistake if you’ve named an ex-spouse or someone other than your actual intended beneficiary. So review your beneficiaries and make sure they’re up to date. 

The key takeaway here is that you need to make sure that ALL of your estate plan documents are coordinated. And like I already talked about earlier this week, if you’re like most people, you probably haven’t reviewed your estate plan since your sister’s wedding in 1989. So take some time to review all of your estate plan documents, including all beneficiary designations together with your estate planning attorney.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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