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Check Those Beneficiaries Every Year

Check Those Beneficiaries Every Year

When life changes, so should the paperwork

It seems obvious that when you divorce, remarry, add or, God forbid, lose a child or grandchild that you would change the beneficiary on your trusts, retirement accounts and annuities, right? Well you would be amazed at the number of people who just don’t get around to it.

At the end of the day, the paperwork is all that counts. It doesn’t matter if you’ve divorced spouse #1 years ago and are on spouse number 2, 3 or 20 and have 14 kids since. If they are the beneficiaries and you die, they’re going to get the money….And there are terrible stories that coincide with this.

In a recent court case Hillman Vs. Maretta, the court ruled unanimously that the decedent’s ex-spouse, who was still the listed beneficiary, was entitled to 100% of the benefit. This is particularly noteworthy because their applicable state law removes an ex-spouse as the beneficiary. In this case and all others, the federal law rules. The Supremacy Clause in the U.S. Constitution clearly states that the constitution and other federal statutes are the supreme law of the land.

Imagine if your ex-spouse, with whom you’re probably not too enamored, gets all your money when you die, and not your spouse and your kids? That’s a legacy you don’t want to leave!

Get your beneficiary forms reviewed annually by a qualified retirement advisor. We routinely do this for our clients as well as many non-clients. Also, have those trusts and wills reviewed at least every 5 years. If you need a referral, I will be happy to get you one.

To learn more about The Springer investment approach, which is our powerful proprietary Investment Management Strategy designed to manage risk and deliver returns in any market…and/or get a free second opinion on your portfolio, simply reply to this email, or give me a call for a no-cost no-obligation consultation today at (916) 925-8900

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