Not too long ago, Nicola represented a husband whose wife had passed, and since the wife had not yet updated her life insurance after their marriage, all of the proceeds went to her parents who were not willing to pay for her burial out of the funds they received. This left the husband frustrated with the burial arrangements.
This and many other beneficiaries' failure horror stories prompted Nicola to unpack the 8 different things that you should understand about beneficiary designation forms. Beneficiary designation forms are 800-pound gorillas when it comes to the distribution of assets after one's death; they trump last wills and testaments in court. So how does one do it right? Tune in to find out!
Tune in as she shares about:
What beneficiary-designated forms are
The tax consequences and different planning opportunities
The importance of:
Remembering to name the beneficiary in the forms
Naming both a primary and a contingent beneficiary
Updating your beneficiary forms for major life events
Reading all the instructions in the forms
Making sure your beneficiary designations coordinate with your estate plan
Understanding the potential consequences of using a beneficiary for the particular asset
Not naming your estate as a beneficiary
… and so much more!
Let’s continue the conversation on our Free Facebook group!: Black Parents Aging
Connect with Nicola:
LinkedIn: Nicola Robinson
Connect with Olivia:
LinkedIn: Olivia Smith
