Years ago, you probably designated a beneficiary on your financial accounts. Since that time, your relationship circumstances may have changed and you need to check your policies.
Over at LearnVest, they interviewed Certified Financial Planner David Blaylock about quick things people can do to save themselves money later. One handy tip: check the who gets your money on these accounts after you die:
The last thing anyone wants to do is leave behind challenges for loved ones after we are gone," Blaylock says. But this is exactly what could happen if you don't designate beneficiaries on insurance policies and investment accounts, because it increases the likelihood that family and friends will have to go through the probate process—which typically involves judges, attorneys, attorneys' fees and delays.
If you don't have a beneficiary, it's time to add one. If you list the wrong beneficiary (like an ex) or the designated person has passed away, your family has more costs getting the money to the right person. Same-sex couples also need to change the designations on their accounts to married on some policies, since tax laws now treat legally married couples differently.
Click the link for other easy ways to save money.
9 Easy Money Moves You Can Make in 10 Minutes or Less | LearnVest
Photo by Gord Fynes.
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