Who is my beneficiary?

Callum Sutherland - Nov 26, 2021
Recently, I received a phone call from an executor letting me know one of my clients had passed away. Therefore, we began to complete the paperwork

Recently, I received a phone call from an executor letting me know one of my clients had passed away. Therefore, we began to complete the paperwork.

Normally, this is a quick process. However, I learned that the beneficiary was also deceased. This is a much more complicated process with the possibility of legal obstacles for the executor and I.

Here are three tips to avoid this situation: 

  1. Review your insurance plan with your insurance agent or planner every two years (minimum) and make sure the review includes a review of the beneficiaries.
  2. Name a contingent of beneficiaries
  3. If you receive an annual statement, open it and actually review the documentation before shredding it.
     

Please keep in mind that a power of attorney can't change the beneficiary designation. This becomes important if you and your partner are aging.

Here are some events that should prompt you to review beneficiaries: 

  • Separation or divorce
  • The loss of a loved one
  • Getting remarried
  • New dependants
  • Your children reach adulthood 
  • The policy was assigned to a bank and the loan was paid off in full.
     

Take the 2 minutes and review your plan. Contact me today, I can help!