Tip of the Month | July 2024

Wedding Season: Review Beneficiary Designations

Written By: Kevin Reardon, CFP®

Summer is wedding season, and with marital bliss comes the need to review beneficiary forms for your retirement accounts and insurance policies. In most marriage scenarios, it’s typical to list your new spouse as the primary beneficiary, but this isn’t automatically the case, especially if you’ve been married before and/or have children.

Keep in mind a beneficiary form usually trumps what’s written in your Will or Trust, so it’s important this form is updated to meet your most current intentions. In addition, there are state laws and pension laws (ERISA) to consider that could override your beneficiary form. If wedding bells are in your future, reach out to your Shakespeare advisor to review your beneficiary forms.