If you have a will, have you looked at in the past couple of years and updated if necessary?
That’s important, but don’t assume that it’s enough to ensure that all your wishes are carried out in the event of your demise. It isn’t.
Naming the wrong people or failing to update those financial documents can create a mess for your heirs. A fact that many seem to miss is that beneficiary designations override wills. Unfortunately, too many families learn that too late, after a loved one died believing that his or her will took precedence over everything.
If it’s been years since you opened your accounts, you might not recall whom you designated as beneficiary on some of them. What if that person has died or others have been born since? What if your relationship has changed and you no longer want that person to get your money when you die? (Think marriage and divorce, the death of parents, birth of children or the breakup of an old friendship.)
Regardless of what your will states, whoever is named as beneficiary on the various financial accounts mentioned above is who will receive those specific assets. Period. End of story.
You devoted a lifetime to accumulating assets, so make sure the disposition is managed the way you want them to be or your efforts could be for naught. That’s why it’s essential for you to take the time and the proper steps to work closely with an estate attorney and with your independent, objective financial advisor.
About Compass Asset Management Group
Our boutique-style firm has an investment philosophy is both prudent and value driven. We combine research from the largest firms on Wall Street with three decades of market experience to provide strategic, tactical and dynamic investment management. Compass Asset Management Group, LLC delivers personalized financial planning, estate planning and investment management advice in a private setting with a high degree of sensitivity to your concerns and objectives. Our goal is to exceed yours expectations by listening closely, understanding deeply and communicating well through frequent, personal consultations entirely focused on your financial goals.
Make the right choice with your financial future. Consult Compass Asset Management Group for advice & guidance that will change your life.
Plan better to live better…Call Compass Asset Management Group.
Please note that the content of this blog does not constitute tax advice and is only intended for the educational purpose of the reader. Please consult your tax advisor for specifics regarding your circumstances.
For more information contact us at 845.563.0537 or Contact@CompassAMG.com
Steven M DiGregorio is President of Compass Asset Management Group, LLC and an Investment Advisor Representative with Spire Wealth Management, LLC a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company Spire Securities, LLC a Registered Broker/Dealer and member FINRA/SIPC.
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