Taxation & Estate Planning

Some people get overwhelmed with the idea of getting their affairs in order and as a result find it easier to do nothing.  To help people with that inertia, I'll be posting weekly Action Items - little steps that take an hour or less that will move you forward in the process and make it less daunting. 

Today's action item: Check Your Beneficiaries.

For any accounts you have that list a beneficiary, contact the company (or your Human Resources Department) to find out who the beneficiary is.

• Is it still the person you want named? If yes, great. If no, request the paper work to change it.
• If it is the correct person, verify that their contact information is up to date.  
• Is there a contingent beneficiary named? Is their contact information up to date? 
• Have any of the beneficiaries had a change in personal circumstance that may make inheriting outright not such a good idea? Health change, bankruptcy, substance abuse issues, etc.

Accounts to consider:

• Retirement accounts
• Annuities
• Life Insurance Policies
• Stock Accounts
• Bank Accounts with a Beneficiary
• Accounts held jointly with a child
• Health Savings Accounts
• Brokerage Accounts
• Pension Plans

When you are ready to take the step of meeting with an attorney to more fully plan for your future, designate who could access these accounts in the event of your incapacity, and legally memorialize how you would like to pass them along after your death, call me at 781-749-2284 to schedule a consultation.