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Assigning Beneficiaries

Assigning Beneficiaries

| February 15, 2024

Have you given the proper thought to who you will assign as your beneficiaries? Beneficiary designation can significantly impact your family, so it's worth taking the time to plan—especially given that different types of accounts have different processes and rules.

In this episode, I'll explain how to start assessing your financial situation so you don't miss out on taking full advantage of the benefits of the different beneficiary options. Listen in to learn why it’s so important to regularly check who you have set up as your beneficiaries (particularly after major life events like moving, job changes, births, weddings, and deaths), what to do if you inherit a retirement account, and more.

Listen To The Episode Here:

What You’ll Learn:

  • Why you need beneficiaries and the impact of properly assigning them.
  • The importance of knowing your overall financial goals and how beneficiaries fit into them.
  • Why you should never assume the right people will end up being beneficiaries.
  • Interesting timelines that apply for beneficiaries receiving their assets.
  • What to do when you inherit a retirement account.

Ideas Worth Sharing:

  • “Properly designating beneficiaries as part of your retirement planning process can help you contribute to the financial well-being of your heirs. It also can give them options on when they receive the money and how those assets are taxed.” - Regina McCann Hess
  • “What your beneficiaries do with your assets may be as important as what you do with your assets.” - Regina McCann Hess
  • “Beneficiary choices about how to handle an inherited retirement account may have important tax implications. Heirs should always consult their legal and tax advisors before making any decisions.” - Regina McCann Hess


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