Beneficiary Review

Every time you update your Will you should also conduct a Beneficiary Review of your assets. A recent study found that "80% of beneficiary forms on individual retirement accounts, defined benefit pension plans and insurance policies are either blank, outdated or not properly filled in".

A Beneficiary Review is simply a check on the beneficiary form for each of your assets to ensure mistakes were not made when designating beneficiaries. Many times these forms are filled out quickly when the account is new and they are never looked at again. Mistakes or blank forms can be very costly because they impair your ability to protect, preserve and pass on assets to your heirs.

Now is a perfect time to conduct a Beneficiary Review by contacting the respective financial institutions and/or visiting your Human Resources department.