I’ve worked hard to build up my retirement plan. But I know it’s not just there for me. If something happens to me, I want to be sure that my retirement plan can be transferred to the person I want.
And I can’t do that without taking into account some special considerations. I have to sit down and think about what’s best for my children and other beneficiaries based on where they are at in life. This means their tax considerations and whether or not my kids are minors. Knowing what to do will change based on those parameters.
Here’s what to keep in mind when naming a beneficiary:
· Choose who you want to provide for and how
· Determine which person can be a custodian for your minor children to help them receive assets
· Consider how asset protection fits into the mix for your needs
· Consider whether you also want to share with a charity or organization in your estate planning
Finally, remember that a lot of these transfers happen outside of your will. Life insurance and retirement accounts are common examples, so make sure that you contact each individual company to discuss what forms need to be completed in order to protect your family.
Having all these documents organized makes it easier for you to accomplish your goals and stay on track with your own lineage planning.
What’s your lineage?