Financial expert explains best practices when it comes to beneficiary designations
HUNTSVILLE, Ala. (WAFF) - A last will and testament is important when it comes to one’s financial legacy. But there are other avenues to consider that actually supersede the will like beneficiary designations.
Financial expert, Jay McGowan with The Welch Group explains the best practices with these designations and one’s estate plans.
McGowan says beneficiary designations are non-probate investment accounts like IRAs, 401(k) and Roth IRAs, as well as life insurance, pensions and annuities.
A beneficiary designation on those accounts dictates who will inherit those assets. The wealth management expert says it’s important to actually name a beneficiary, so the assets transfer to specific individuals.
McGowan says one can go so far as to name primary and contingent beneficiary designations where the transfer of assets depends on something in writing. On that note, the financial expert adds it is a living document that can and should be updated as life events take place.
For more ways to stay financially savvy, visit The Welch Group’s website.
Click Here to Subscribe on YouTube: Watch the latest WAFF 48 news, sports & weather videos on our YouTube channel!
Copyright 2023 WAFF. All rights reserved.
