Wealth Management
Spring has Sprung: Have you Updated your Beneficiaries?
April 18, 2023
When it comes to our important documents, we should never think that once they are established they are permanent as it pertains to our legacy objectives. Throughout your lifetime, whether it is marriage, divorce, birth or adoption of a child, a family death or illness, these moments can alter your original intentions that were established in your estate planning documents. Spring is a great time to reset and refresh those listed as your trusted individuals and beneficiaries. Reviewing your documents and updating your beneficiary designations will ensure that your legacy wishes are met and include those intended, and that your assets are not distributed to unintended recipients.
During your review process, consider the following:
Are the loved ones in your life listed on these documents still part of your overall intentions?
Did any family member currently listed divorce or pass away after these documents were established?
Is there someone that should be added as a beneficiary? Has your family expanded over the years with children or grandchildren?
Do you have a special needs individual in your care that will need financial assistance if something were to happen to you?
Some financial documents to keep in mind when doing a beneficiary review:
- Wills and Trusts
- Retirement Plans
- Investment Accounts and Bank Accounts
- Insurance Policies
- Annuity Policies
Taking the time for a spring refresh with your financial and lifetime documents can provide you the confidence that whatever life may throw your way, you and your family will be taken care of.
DISCLOSURE
The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law.
This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing.
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This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.
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