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:
- 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.
- Name a contingent of beneficiaries
- 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!