I read something the other day that really hit home to me, “your life can change in a matter of a split second and we all know the only thing that is constant is change.” We need to ask ourselves this very important question: Are my affairs in order? Maybe your life has been good for the last twenty years, but a lot has changed in the last two decades. Are your beneficiaries the same as they were twenty years ago? We have all updated other things in our life like our cars, homes or wardrobes. So you probably also need to update your beneficiary forms.
As your self-directed IRA custodian, Midland IRA is here to help you with any updates to your beneficiaries.
While you are checking up on your primary beneficiaries, make sure you have a contingent beneficiary named as well. That gives you a back-up plan in case circumstances change. If your primary beneficiary passes away before you have time to update your beneficiary form, then your contingent beneficiary will automatically move up and inherit your IRA when you pass. It also gives the primary beneficiary the chance to disclaim the IRA and pass it directly from you to the contingent beneficiary. A plan B is generally a good thing!
So even though we all get really, really busy with life, check your beneficiary forms and update them if necessary. Current Midland IRA clients can update their beneficiaries anytime by filling out our beneficiary change form.
Questions? Call 239-333-1032. This article was written by Karolyn Willingham.