Some people in Massachusetts who open an IRA may not put much thought into the beneficiary designation or may think it is something they can take care of later. However, it is important to name the right beneficiary and update the designation as needed.
Throughout your life, you have been fortunate. Your hard work paid off, and your savvy investments allowed you to spend many comfortable years doing what you enjoy. Others in your position may have traveled, built their dream home or lavished their wealth on their families. While you may have done these things too, you also took the time to acquire valuable objects.
People in Massachusetts thinking about their future may consider their wills, trusts and other estate documents, but they may not turn their attention to the company benefit plans that they often signed up for on their first day of work. These benefits can be considerable, including life insurance, retirement funds, stock option plans and other accounts. In many cases, people designated their beneficiaries only once: when they first signed the documents establishing their new accounts. However, the decisions made about beneficiaries can play an important role in a person's overall estate plan.
Many people have a general understanding of what a durable power of attorney offers. However, people can also be misguided by common misunderstandings.