Sentences with phrase «beneficiary designation as»

Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate.

It is important to think through your contingent beneficiary designation as well.

Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate.

Change / update your primary and contingent beneficiary designations as your family and financial situation changes.

(It is a good idea for annuity owners to regularly check their beneficiary designations as part of any estate plan.)

Not exact matches

You will want to ensure that any life changes, such as the death of a spouse, divorce, remarriage or the like, are reflected in your beneficiary designations.

Assets that pass by contract / beneficiary designation such as retirement assets, annuities, and life insurance.

Typically a married couple adds each other as the «Pay on Death» beneficiary designation for each bond purchase or you can add your children or whomever you desire as beneficiary.

Your estate plan should include instructions for «funding your living trust» as well as guidance for completing your beneficiary designations on life insurance and other investment accounts.

Similarly, assets such as life insurance policies and qualified accounts such as IRAs and 401 (k) accounts must have completed beneficiary designations that either specify your living trust or an individual beneficiary.

Liberty Bankers can not be responsible for tax consequences caused by incorrect beneficiary designations: death benefits will be paid to the beneficiary on record as of the date of the annuitant's death.

As part of your estate planning, review your beneficiary designations and titling of assets to see your exposure to probate.

It sounds as if you are listed as a primary beneficiary and there are lines underneath the primary designation with the two other individuals.

In certain cases, such as the establishment of an irrevocable life insurance trust or charitable remainder trust, the designation of a beneficiary, in this case, the charity, must be irrevocable.

Assets that have beneficiary designations will generally bypass probate, as well as joint assets with rights of survivorship.

If you have designated a beneficiary on the TFSA plan application form, sign and date the Designation of Beneficiary form and have a witness sign beneficiary on the TFSA plan application form, sign and date the Designation of Beneficiary form and have a witness sign Beneficiary form and have a witness sign it as well.

If you have designated a beneficiary on the RRIF application form, sign and date the Designation of Beneficiary form and have a witness sign beneficiary on the RRIF application form, sign and date the Designation of Beneficiary form and have a witness sign Beneficiary form and have a witness sign it as well.

Most people will list their spouse as their primary beneficiary, so if your spouse has died, you should immediately change the beneficiary designation.

As you can see, beneficiary designations are not something to «set and forget.»

This designation overrides any other estate planning you may have, such as a will, so you need to be certain the listed beneficiaries are those you actually want to receive a benefit.

A beneficiary designation form is a legal document and will be used by the insurer to determine who will receive the death benefit if you pass away during the period of coverage (as well as how much they will receive).

You've probably heard the horror stories about the guy who inadvertently left his 401 (k) to his ex-wife because he had failed to name his new spouse as his beneficiary, or mistakenly left his youngest with no assets because he hadn't updated IRA beneficiary designations after the birth of the child.

Once you've determined who you would want as your beneficiaries, you should specify them on the life insurance beneficiary designation form.

Complete the information regarding the person you wish to designate as your beneficiary in the Beneficiary Designation section beneficiary in the Beneficiary Designation section Beneficiary Designation section of the form

Important: As set out in the language on the form, when you change either your successor holder or beneficiary designation, this will revoke all previous designations on that particular TFSA.

This is why it is critical to make copies of your beneficiary designation form, as well as to check up with your IRA custodian to ensure that the proper information is applied to the account.

Another good practice tip is that you should avoid designating your «estate» as the beneficiary of any life insurance policy because this vague designation will require that the proceeds must go through probate, and this costly and time consuming court process should be avoided whenever possible.

This approach is analgous to life insurance because it operates in the same way as a beneficiary designation on a policy.

And, non-lawyers (even sophisticated, affluent business people) routinely fail to grasp that a Will only governs assets which don't have beneficiary designations and is subject to forced marital share and minimum family inheritance laws that act by operation of law as well as other «gap filling» presumptions that modify the literal meaning of certain kinds of language in a Will.

The final paragraph presented implications of the decision, giving general examples of what IRA owners might want to do with their beneficiary designations and what they may wish to consider, as in this example:

Changes in the law can also impact beneficiary designations such as the recent Supreme Court's Windsor decision.

In Fraser v. Fraser, the trial judge found on the facts that the terms of the separation agreement requiring the insured to maintain the plaintiff as beneficiary were tantamount to an irrevocable designation.

Anastasia became aware of the change to the designation and on November 20, 2013, obtained an Order requiring the insurance company to restore her as the sole beneficiary of Stephen's life insurance policy.

Under Minnesota law, the dissolution of a marriage automatically revokes an individual's designation of a former spouse as a life insurance beneficiary.

Given her incompetency due to Alzheimer's disease, it is unlikely that she will ever make another will, or be in a legal position to change her designation of Alan as a beneficiary.

As the policy owner, you may amend beneficiaries — unless the policy has an irrevocable beneficiary designation.

The commission compensates the agent or broker for the time spent advising you on how much and what type of life insurance to buy, for facilitating the application process, and for any further service that's needed in future years to keep the policy up - to - date (such as changing beneficiary designations, arranging policy loans or coordinating your financial plans with your lawyer and accountant).

You would have to wait through probate before receiving the portion of her assets from her will, so it won't be as clean as a normal beneficiary designation where the beneficiary has access to the funds very shortly after the death of the insured.

There are other beneficiary designations, such as charity, trust, and business as beneficiaries, but the above covers the common scenarios.

It sounds as if you are listed as a primary beneficiary and there are lines underneath the primary designation with the two other individuals.

The following are not considered a settlement under state insurance regulations: • A loan from an insurer under the terms of the life insurance policy (e.g., a policy loan) • A loan from a third party where the policy's cash value is used as collateral (collateral assignment) • A beneficiary designation without a transfer of value • A beneficiary designation of someone with an insurable interest in the insured

Beneficiary designations should also be reviewed on all retirement accounts, bank accounts, investment accounts and other assets, as well as on any group insurance through an employer.

The designation of a contingent beneficiary can be helpful in ensuring your life insurance payout is used exactly as you intended.

It is always smart to have a contingent designation as well as a primary designation in the event that you should outlive your primary beneficiary.

A beneficiary designation form is a legal document and will be used by the insurer to determine who will receive the death benefit if you pass away during the period of coverage (as well as how much they will receive).

This designation overrides any other estate planning you may have, such as a will, so you need to be certain the listed beneficiaries are those you actually want to receive a benefit.

If you are uncomfortable with this designation, visit with an estate attorney to form a trust to name as beneficiary.

Beneficiary designations are often not taken as seriously as they should be and can end up being problematic at best and just a little disastrous -LSB-...]

Virginia law automatically revokes beneficiary designations to ex-spouses and lets the family of the deceased sue if an ex-spouse collects the proceeds as the named beneficiary.

Also, the division of other assets may involve your attorney preparing deeds or being involved to some degree in division of investment accounts or confirmation that proper death beneficiary designations on retirement plans and under life insurance policies is in place as required by the parties» settlement.