Four Things To Look For On Your Beneficiary Form

Pull up the beneficiary form on your life insurance and your retirement accounts, and look for four things. A blank line. With nobody named, the account often goes to your estate, and that can mean probate court. Somebody who has already passed away. It happens a lot on policies written back in the eighties. A former spouse. Some states revoke that automatically after a divorce, but a 401(k) or a pension through work pays whoever is written on the form. A child under 18, named directly. A court usually has to pick somebody to hold the money, and then it's all theirs at 18 or 21. All four get fixed with one form from the company that holds the account. Most are one page, and most are free. Save this and go look. #EstatePlanning #Beneficiary #LifeInsurance #Retirement #401k