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Did I catch your attention with that subject line?
You, probably: "No, I'm used to your clickbait at this point."
Anyway. This is the easiest task in the yearly series and I will not waste any more of your time selling it. It'll take you about two minutes.
Confirm Your Account Beneficiaries
Easy like a mail-in ballot ;)
My subject line wasn't purely sensationalist. It's a fair warning that who you jotted down as an account beneficiary in the past - the person who gets your money if you pass away - could actually not be the person you want to get your money now. In some cases it could be the very last person in the world you want to get your money. There are horror stories out there. Don't become the next one.
How to complete this month's super simple task:
- Log in to your brokerage accounts, IRAs and/or 401(k)/403(b)/etc.
- Find the beneficiary section of the settings.
- Decide if the person listed is still in your good graces, or is at least still the person you wish to inherit your money.
- If no one is listed, decide on who you'd like to name and get them in the system.
- That's it.
In general, it's best to not name minors as beneficiaries for reasons I'll let your estate attorney explain to you. But most financial accounts, even bank accounts, will have a beneficiary option in some form.
I can view your beneficiaries if you have accounts at TD Ameritrade or Betterment, so you can bet I'll be reaching out soon if I see any missing or questionable beneficiary designations.
View Beneficiaries at TD Ameritrade (via AdvisorClient.com):
- Go to My Profile.
- Under Account and Contact Information, tap on an account.
- Scroll to the bottom to see your beneficiaries. Let me know if you need help updating.
- Go to Settings.
- Tap the Accounts tab.
- View the Beneficiaries column for each account.
Mark your calendars...
Next month's task: Complete/Confirm an Advance Directive
Heads up...
Clients: Q3 Advisory Fee Statements are available in the Vault of your client website
And don't forget...
- Want to bust out some annoying adult tasks faster than once-a-month? Try clicking on that cheat sheet to the right, covering nine of the most important tasks.
- And if you know someone else who needs to be annoyed, sign them up or send them to sign up to receive Annoying Adult Tasks here.
- As always, if you have questions about this task, or would like to chat about any other investing or financial planning topic, please don't hesitate to respond to this email.
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