Does your client need a Beneficiary Review?

According to an Investment News Survey, 80% of beneficiary forms are either blank, outdated or not properly completed on the following:

• individual retirement accounts
• defined benefit pension plans
• insurance policies

Have you recently met with your client(s) and reviewed or updated (if necessary) the beneficiaries of their various financial accounts within the past year?  If not, is your fiduciary responsibility to do so.  Here is a sample of the common types of documents and accounts that may fall into a category of concern:

  • Life Insurance Policies
  • Money Market Accounts
  • IRAs
  • Pension Benefits
  • Savings Accounts
  • Certificates of Deposit

You would be shocked how many famous examples exist To illustrate this common mistake!! 


Consider a few of the possibilities if beneficiary designations are not appropriately maintained:

  • A wife names her husband as sole beneficiary and he passes away before she does.  Because he isn't available to receive the proceeds at his wife's death, they become part of her estate and are subject to probate and possibly being dispersed against her wishes.
  • A grandparent has 3 grandchildren and names them equal beneficiaries of his account.  
    One of his daughters has twins a few years later and the beneficiaries are never updated to include the additional grandchildren.  At his passing, the proceeds only go to 3 of the 5 grandchildren.
  • Divorce, death in the family, marriage, and many more life changing events can impact your beneficiaries, and alter your best intentions with your designations.

These are simply examples of the kind of consequences that can result from unattended beneficiary designations - all of which can be avoided with a simple review schedule with your client(s).  Please complete the form below to learn more about our exclusive Beneficiary Review Business Builder, providing you all the tools and marketing support needed to run this automated marketing campaign.

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