Doing A Beneficiary Review

Doing A Beneficiary ReviewDo you know what a beneficiary review is? It is a very important step in your financial life that needs to be done once a year.

First thing to know is, a beneficiary is someone or a legal entity that receives money or benefits from you. For example if you have life insurance and you pass on, the person you named as the beneficiary receives the payment from the insurance company.

Some of the documents you will want to review include:

– Your will…
– Retirement accounts like a 401k and IRAs…
– Insurance policies…
– Bank and brokerage accounts…
– And any others vehicles which pay out benefits.

There are numerous reasons to conduct a review, including having children, a marriage, a divorce, or a death of the primary beneficiary.

I suggest you make a list of all of your assets and review each of the beneficiaries for accuracy.

You will also want to ensure that you list a secondary beneficiary as well.

If you feel you need help, you can always consult with the companies that hold your assets for assistance.

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