With Valentine’s Day this month, we often think about ways we can show our love for those important to us. One often overlooked way to do this is to confirm those important to us are set up as beneficiaries on all appropriate assets. When updating beneficiary designations, it’s important to ensure that you cover all relevant accounts and policies. Here’s a checklist to help you stay organized:
1. Life Insurance Policies
2. Retirement and Taxable Investment Accounts
3. Bank Accounts
5. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
6. Employee Benefits
7. Real Estate
8. Wills and Trusts
9. Digital Assets
Be sure to Inform your loved ones and key individuals such as your spouse, children, or executor about the updates you have made to your beneficiary designations. Keep them informed to avoid any confusion or disputes in the future. Remember, it’s important to consult with professionals like attorneys, financial advisors, or estate planners to ensure that your beneficiary designations align with your overall estate planning goals and legal requirements.