Pitfall #6: Not Having Beneficiaries on an Investment Account

Series: 9 Mistakes to Avoid in Retirement Planning

We can pass on assets to others in a few ways when we die. First, they can be jointly owned with the surviving owner takes possession of the assets. Otherwise, it is done through naming a beneficiary.

If we don’t have joint ownership or name a beneficiary, then assets pass down through the stipulations in our will which can get messy. Don’t forget to designate beneficiaries in your will, otherwise your wishes may not be carried out.

Leave a Reply

Your email address will not be published. Required fields are marked *