Time to Check Beneficiary Financial Accounts/Retirement

A former colleague shared with me about her experience after retirement. It is crucial to make sure all documents and financial accounts are updated due to changes in life. Like annual medical checkup, a date and time of the year to review documents can reduce stress for everyone involved. Below is what my colleague learned and guide to action to take.

Lesson Learned:  Recently my father died, He had a will regarding his property, In the process of settling his estate, we found two financial accounts that did not have an identified beneficiary.  One account was under $100,000 and the other one account was almost $200,000. Both accounts were in financial institutions.

Now, I knew that his estate needs to go into probate that takes time. (6 months or more to settle.) You need to involve a lawyer to make it happen.

Why it is important to check beneficiaries?  Things Happen. There is change, Divorce, Death, new family members are a few of the examples.

Recently, my retirement account asked me to clarify my beneficiary on the account.  It does not have a lot of funds but, after the experiences mentioned before, save yourself trouble and time by checking your beneficiaries. .

Jeannette Mukayisire

Brenda Schmitt

A Iowa State University Extension and Outreach Family Finance Field Specialist helping North Central Iowans make the most of their money.

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