When Is the Last Time You Reviewed Your Beneficiaries?

Who are the beneficiaries of your financial accounts, retirement funds, and assets? One crucial step in creating a will or trust is to choose the heirs who will receive the value of these funds after you are gone. Therefore, knowing your beneficiaries is an essential step of the estate planning process.

When Is the Last Time You Reviewed Your Beneficiaries

Once the legal documentation is in place and you have beneficiaries listed, it is wise to mark your calendar to review beneficiaries again in the future.

Why Should You Review Your Beneficiaries?

You want to make sure that your remaining retirement plan and/or life insurance is given to the family, people, or organizations you intended.

Life circumstances can change over time, and sometimes people want to change their beneficiaries. For example, maybe one of your beneficiaries is a charitable organization you helped in the past. But your priorities change, and you prefer the funds to go to a new organization that you are more involved with now.

Or, if you have a change in marital status, changing the beneficiary information might get lost in the many other papers you are managing at the time.

Best Timing to Review Beneficiaries

Reviewing your beneficiaries is something that should always happen when major life events occur:

  • Marriage
  • Divorce
  • Birth of a child
  • Adoption
  • Death of spouse

Additionally, it is good to review these details every few years in case other life details have changed since you named the original beneficiaries.

It only takes a few minutes to review your beneficiaries and ensure that the details still match your current wishes. If you have questions about this process, you can reach out to a financial advisor for more information and advice.

Who Are Your Beneficiaries?

Most accounts will allow you to set primary and secondary beneficiaries for your policies. Choose the people or organizations you care about the most.

If you need help choosing beneficiaries, organizing a trust, or any other future-planning services, Bulman Wealth Group is just a phone call away. We provide comprehensive financial planning services. We would love to answer your questions! Contact us to book a consultation so you can learn more about available services.

Disclosure: All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training. Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted. Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital. 

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