${site.data.firmName}${SEMFirmNameAlt}
Throughout Southern California
310-324-9403
Toll-Free
866-402-1805
View Our Practice Areas

Time To Set Your Clocks, Change Your Oil and ... Update Beneficiaries?

Plan to review your beneficiary designations on a regular schedule, ideally as part of an annual review of your finances.

Life can get hectic, so it's best to have a plan when it comes to annual to-do's or check-ups. Otherwise, some very important things may fall through the cracks.

Did you change the batteries in your smoke detectors when we switched to Daylight Savings Time?

Did you change the oil in your car after you reached another 5,000 miles?

And-did you update your IRA beneficiaries when you switch financial providers?

This last question points out a common oversight that is easily forgotten.

Morningstar provided some important guidance on this subject in a recent article titled "Dos and Don'ts for Leaving IRA Assets to Your Loved Ones."

So, take five minutes and make sure that the information for your beneficiaries is up-to-date and accurate. People move and change phone numbers. You want to make sure that there are no issues with your IRA proceeds getting into the hands of those you've designated as beneficiaries.

Another thing to watch for is naming a minor child as the beneficiary of your IRA. In some cases, children under the age of 18 or 21-depending where you reside-can't be the beneficiaries of life insurance policies, retirement plans, or annuities. If you'd want to leave IRA assets to a minor, speak to an estate planning attorney about your options.

Take the time to check.

And while you're at it, change the oil in your car and the smoke detector batteries.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard West
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map
Check out The Law Firm of Kavesh, Minor & Otis on Yelp
Check out Kavesh Minor & Otis on Yelp
Check out The Law Firm of Kavesh, Minor & Otis - Orange on Yelp
Check out The Law Firm of Kavesh Minor & Otis - Pasadena on Yelp