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Planning Ahead: Have You Chosen Your Beneficiaries?

Posted by David W. Veliz | Aug 17, 2018 | 0 Comments

  • Make sure your loved ones get everything they're entitled to if you pass away.

It's difficult to actually put time aside to figure out a plan about your retirement assets when you die. However, it's better to plan ahead, not just for you, but your loved ones as well. Especially, for accounts that aren't transferred by will or trust. The first step: Make sure there are designated beneficiaries for any retirement savings plans and pensions you own or may be entitled to.

If you've already taken care of some of these concerns, great, you're a step ahead. You may have chosen to handle these concerns with a will or by setting up power of attorney.

But, not so fast. There's something else you should do: make sure you have named beneficiaries for any retirement savings plans, pensions, and insurance products you may own or be entitled to.

Contrary to your personal and real property, or taxable investment accounts, these assets aren't transferred by will or trust when you die. Instead, they are transferred to your beneficiaries, which can be an individual or an institution.

Learn more about planning ahead, choosing your beneficiaries, and ensuring your assets are properly distributed when you pass by reading the full article at The Motley Fool. Get on the right track and plan ahead with David Veliz at Veliz Katz Law.

About the Author

David W. Veliz

David is the managing partner of Veliz Katz Law centrally located in downtown Orlando, Florida. He has been providing a broad range of legal services to clients in the Central Florida area for over 29 years. David is a Florida native, having grown up in the Orlando area and is a graduate of Winter Park Hi...


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