Failing to update your beneficiaries, or neglecting to name them altogether, may leave life insurance and retirement accounts to unplanned heirs. It can also create probate expenses and cause tax issues. You may have a solid will in place, but sometimes that will not help avoid these issues. The best safeguard is to contact an estate attorney to assist you in designating and updating beneficiaries.
Probate is not needed for certain assets that have specific beneficiaries. When completing Beneficiary Designation forms, it’s important to name a person as the beneficiary. Contact an attorney prior to naming your estate the beneficiary of certain investments. Doing so may lead to probate and tax issues. Creating appropriate beneficiary designations and ensuring they are up-to-date can help decrease taxes and other costs for loved ones.
Common life events happen. These events might lead to reasons to contact your North Carolina estate planning attorney and update your beneficiaries. The list below suggests a few of those reasons:
- Marriage
- Divorce
- New baby
- Death of a relative
- Job change
Naming a second beneficiary might benefit you, as well. If you need to name or update your beneficiaries for life insurance policies or IRAs, feel free to contact Eldreth Law Firm, PLLC. We are estate lawyers in the Raleigh, NC area. We will do what we can to help you get your beneficiaries and estate plan in place.
