Today’s Hack
For some people, leaving a legacy is one of the most important goals for their financial plan. Not only do they want to leave as much as possible, but they also want to make sure those assets go to their intended beneficiaries.
On this episode, we’ll address five, unfortunately, common beneficiary mistakes. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well done retirement plan.
As with everything in a financial plan, the earlier you catch these mistakes, the easier they will be to correct.
Here are some of the mistakes we’ll discuss in this episode:
- Naming minors as beneficiaries. [1:37]
- Not naming an alternate or successor beneficiary. [3:00]
- Not coordinating your beneficiary designations with your will. [6:10]
- Naming your estate as a beneficiary. [9:42]
- Having errors on the application. [15:49]
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.