Dead Man's Outdated Beneficiary Form Proves Costly | Ed Slott and Company, LLC

Dead Man's Outdated Beneficiary Form Proves Costly

We have discussed the importance of an IRA beneficiary form at length. You should always know where a copy is for yourself and make sure your financial advisory team has a copy on hand as well. Also, you must make sure the beneficiary form is current to reflect your financial wishes (who is getting what).

The IRA beneficiary form does NOT just change on its own. You need to update it after life events (birth, death, marriage, re-marriage, etc.). This article from Forbes is just another in a long line of horror stories we hear all of the time. In this case, a man didn't update his beneficiary form, and over $1 million of financial assets went to his ex-wife.

Stories like this are avoidable with proper planning. Read this article and share its message with friends, family and clients. And when finished, make sure you have your updated beneficiary form in a safe place.


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