By Allen Starrett, Managing Attorney at Starrett Law Firm
September is life insurance awareness month. It’s a great time to consult with your insurance professional and determine the amount and type of life coverage that is appropriate given your personal circumstances and planning objectives.
As you work through the process, pay special attention when completing your primary and contingent beneficiary designations. It is critical that they align with your overall estate plan. One misstep can result in negative, unintended consequences. For example, improper or incomplete designations can subject proceeds to unnecessary court costs, delay the administration of proceeds for the benefit of minor children, or risk the eligibility of a child with special needs for public benefit programs.
After naming your beneficiaries, be sure to get written confirmation from the insurance company acknowledging the designations you requested. Also, review your designations on a regular basis so they remain up-to-date, and make changes when appropriate. Don’t leave this important arrangement to chance!
If you have questions concerning this blog post, feel free to contact Allen at (704) 887-4944 or firstname.lastname@example.org.
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Disclaimer: Our firm published this article for general guidance and educational purposes only. Contact a licensed attorney in your state for specific legal advice.