(Thanks to Pinni Bohm for mentioning this article)
Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky.
Mistakes are common, financial advisers say — and they can be heartbreaking and expensive.
When mistakes are made “you’re not creating problems for you,” says Keith Friedman, principal of FBO Strategies, an estate planning and insurance firm in Stamford, Conn. “You’re creating problems for the people you leave behind.”
- 10 Ways to Avoid Mistakes when Naming Life Insurance Beneficiaries(lawprofessors.typepad.com)
- Insurers Stepping Up Efforts to Find Life Insurance Beneficiaries(lawprofessors.typepad.com)
- Divorce and Life Insurance – Don’t Forget to Change Your Beneficiary(thinkingaboutgettingdivorced.com)
- Bill specifies procedures for life insurance companies to search for beneficiaries (vtdigger.org)
- Beneficiary Designations: Simple but Not Always Effective(pattidudek.typepad.com)