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Are you interested in changing the beneficiary on existing accounts? For most people, changing a beneficiary is simple and only requires a request for new forms. Once those forms are filled out and turned in, the new beneficiary will be effective. A estate planning lawyer Utah can help you understand this process and advise you on what is needed and what isn’t.
A beneficiary designation is a binding contract. The document lists who should receive your account if you cannot do so. It is essential to reassess your beneficiary designations regularly, especially if you update your will or have life changes that impact who you want to get and when you pass. A Utah estate planning attorney can help you go over what you have in place and advise how to make the changes you need to protect your assets.
A beneficiary designation is usually required when establishing a financial account. For instance, life insurance policies, IRAs, and bank accounts will often ask the account holder to designate a beneficiary. It’s also possible for an account holder to name their estate as a beneficiary.
There are many reasons you may want to reconsider who your beneficiary designation is on your financial accounts. For example, if you’ve married and divorced, you may want to take your ex-spouse off as your beneficiary designation and name your new spouse.
To make changes to your beneficiary designation, you’ll need to contact the company that holds the account. For instance, your financial institution or your life insurance company. A Utah estate planning attorney can advise you on who to contact to make these changes.
Whether you’re in the first stages of estate planning, updating your will, or having life changes requiring you to rethink everything, a Utah estate planning lawyer can help.
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