Keeping your beneficiaries up to date is important. While none of us like to think about our own demise, we all realize that death is as certain as taxes and dandelions in our back yards. And, upon our passing, the most recent documents will control where each part of our estate will go. So if you have had a change of heart with regard to who you want to be a Beneficiary on your account(s), you should complete an Beneficiary update form. The form is available on the DevCo website at https://vaumdevco.org/beneficiary-designation. Worse still is having no Beneficiary or having named a Beneficiary who has since passed away. In such case, your account may wind up in Probate which is a long, time-consuming and expensive process. Further, there is no guarantee that the money will end up going to any of the people to whom you would like it to go.
If you’ve forgotten who you assigned as the Beneficiary(s) on your account, please feel free to call us at 804-521-1121. We can quickly look it up. More importantly, if there has been a change in circumstances (e.g. a divorce, death, “falling out”, etc.), please consider updating your Beneficiary(s). The form is pretty self-explanatory, but call us if you have questions.
One important box to complete is the “Percentage of Interest in Certificate” box. That indicates what portion of your account you want to go to each person. Please remember that if you have 3 Beneficiaries, it’s impossible to divide it equally. One person will have to get 34% or 33.34%.
Take the time now, before the end of the summer, to review and update your Beneficiary(s) – not only on your DevCo investments, but also on all your IRA, 401(k) and other investments as well as life insurance policies, planned giving documents, business interest documents as well as your will and your estate plan. You, your heirs and the person who will be settling your estate will be glad you did!