Keep the Wrong Hands Off Your Money
(Yahoo News) — Which accounts need beneficiary designations? Any assets disbursed outside a will or not accounted for in a trust require a beneficiary designation. That list includes common kinds of accounts we all have, such as:
- Retirement accounts: IRAs, 401(k)s, 403(b)s, 457s, pensions, and self-employment retirement plans (e.g., Keoghs).
- Banking services: Credit unions, checking accounts, and savings accounts.
- Insurance proceeds: Disability and life insurance policies.
- Other stuff: Annuities and financial services products.
If you haven’t checked on your beneficiary form designations lately — and particularly if you’ve gotten married, unmarried, had kids, lost a spouse, etc. — put this on your must-do list.
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