Page 10 - August 2021 Issue.indd

Review Your IRA, their wills, living trusts, durable powers In fact, if you’re already working with an
of attorney and health care directives. If experienced estate planning attorney –
401(k) Benefi ciaries you’ve revised these documents, do you and you should – you might also pick
have to worry about the old benefi ciary up some other suggestions for dealing
Submitted by Ann Jacobs, Financial designations? You might be surprised to with beneficiaries. Just to name one,
Advisor, Edward Jones - Denton learn that these previous designations it’s generally not a good idea to name
410-479-0271 can supersede what’s in your updated minor children as benefi ciaries. Because

will and other documents. The end result children can’t control the assets until
could be an “accidental” inheritance in they become adults, a court would likely
If you’ve had
which your retirement accounts and have to name a guardian – one that you
an IRA and a
insurance proceeds could end up going might not have wanted. Instead, you
401(k) for many
to someone who is no longer in your life. could either name your own custodian
years, you may
to manage the assets designated to the
occasionally ask Furthermore, your retirement plans and minor or establish a trust for the benefi t
yourself some insurance policy may not just require of the minor, which can distribute the
questions: “Am I a single beneficiary – you may also be

contributing enough?” “Am I still fund- asked to name a contingent benefi- money in several disbursements over a

period of years – which is often a good
ing these accounts with the right mix ciary, to whom assets will pass if the move, since young adults aren’t always
of investments for my goals and risk primary beneficiary has already died. the best at managing large lump sums.
tolerance?” But here’s one inquiry you As you can imagine, the situation could
might be overlooking: “Have I used the become quite muddled if stepchildren If you’re like many people, you have a
correct benefi ciary designations?” And are involved in a remarriage. strong desire to leave something behind.
the answer you get is important. But you’ll want to do it in the right way.
To avoid these potential problems, make
It wouldn’t be surprising if you haven’t sure to review the benefi ciary designa- So, pay close attention to your bene-
thought much about the beneficiary tions on all of your accounts at some ficiary designations – when you first
designation – after all, it was just some- point – and especially after a signifi cant create them and throughout your life.

thing you once signed, possibly a long change in your family situation. If you This article was written by Edward Jones for use by
time ago. Is it really that big a deal? see something that is outdated or incor- your local Edward Jones Financial Advisor.
rect, contact your retirement account Edward Jones Trust Company and Edward Jones,
It could be. For one thing, what if your administrator – or your insurance repre- and their employees and financial advisors, are
family circumstances have changed sentative, in the case of life insurance – not estate planners and cannot provide tax or legal
since you named a beneficiary? If to request a change-of-benefi ciary form. advice. You should consult your estate-planning

you’ve remarried, you may not want attorney or qualified tax advisor regarding your
situation. Edward Jones, Member SIPC.
your former spouse to receive your IRA And if you really want to be on the
and 401(k) assets or the proceeds of your safe side, you may want to enlist a legal
life insurance policy, for which you also professional to help you with this review
named a benefi ciary. to make sure the benefi ciary designa-

tions reflect your current family situa- NCHS CLASS OF 1966
However, upon remarrying, many people
tion and are consistent with what’s in
do review their estate plans, including th
your estate plans. 55 Reunion
$10 per person

Sat., September 18, 2021
3 PM

Towers Family
Historical Museum
26299 Sennett Road, Denton

Contact:
Darlene Stubbs Zlock
drzlock@hotmail.com
edwardjones.com
Ann M Jacobs Member SIPC 302-382-2384
Financial Advisor
105 Franklin St 33144 W. Dorchester St.,
Denton, MD 21629-1207
410-479-0271
Lewes, DE 19958
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