Life changes, but the beneficiary forms attached to your retirement accounts, insurance policies, and other assets may still reflect decisions you made years ago.

In this episode, I explain why beneficiary reviews should be part of ongoing retirement planning and walk through nine questions that can help you determine whether your current designations still reflect your wishes. I cover primary and contingent beneficiaries, coordinating designations with your estate plan, trusts, minor beneficiaries, charitable giving, inherited IRA rules, and potential tax consequences.

I also share real client situations that show why verifying these details can be so important after divorce, widowhood, and other major life changes.

Key points:

• Why beneficiary forms should be reviewed after divorce, widowhood, remarriage, and other major life changes
• How beneficiary designations can control where certain assets go, regardless of instructions written in your will
• Why primary and contingent beneficiaries should be checked across IRAs, 401(k)s, insurance, and other accounts
• How trusts, minor beneficiaries, charitable gifts, and inherited retirement accounts can require added planning
• How beneficiary choices can affect taxes, distribution options, and what your family ultimately receives
• And more!

Resources:

• Get Your FREE Simply Retirement Roadmap
• Checklist: What Issues Should I Consider When Reviewing My Beneficiaries?
• #52 – I Have Inherited an IRA—Now What? 5 Steps to Avoid Costly Mistakes
• #113 – Inherited IRA Options Every Widow Should Understand
• Ultimate Guide to Women’s Social Security Success

Connect with Eric Blake:

• www.TheSimplyRetirementPodcast.com
• Join the Simply Retirement Newsletter
• Ask a Question or Suggest a Topic for the Podcast
• Blake Wealth Management
• YouTube