Congratulations on your new job! With your letter of hire in hand, don’t get so immersed in your new life that you fluff over the forms that come with new benefits. For example, take the beneficiary designations seriously. Perhaps it’s even time for some additional steps toward estate planning. Here’s the scoop.
Carefully Complete Designation Forms
If your new job offers benefits like a retirement account and life insurance take these opportunities seriously. No matter how old (or young) you are, these benefits are very valuable. Of course a retirement account is important for your thriving older age and life insurance is a tremendous asset for your loved ones. The Wilson Law Group advises taking care with the related beneficiary designations on the forms you receive:
Beneficiary designation forms are an effective way for you to choose who should receive the death benefit from your employer-provided life insurance policy or the balance of your retirement account if either or both of these benefits are being offered to you as part of your employment. The beneficiary designation forms allow you to name a primary beneficiary and a contingent beneficiary (as backup in case the primary beneficiary is deceased or does not want the money). You have several choices when naming a primary beneficiary. You can choose one person, two people to split the death benefit or account, a charity, or even a trust. Note that, in some circumstances, your employer’s plan may require that your spouse be listed as the primary beneficiary of the retirement account or consent to someone else being named as primary beneficiary.
Because the beneficiary designation will override anything written in a will or trust, it is important that you complete this form properly. If you do not fill it out and subsequently die, the account or death benefit will be distributed according to the default rules of the account or policy agreement, which may give the balance to your spouse or heirs, as defined by the plan agreement or applicable state law
Step It Up A Notch: Estate Planning Basics
Estate planning is for all of us, at every age, and financial stage. Legal experts point to the sad stories that have unfolded after untimely celebrity deaths as a reminder to be proactive. A basic last will and testament goes a long way to ensuring that your affairs are in order for your loved ones should the unexpected occur. Importantly, when you create a will, you also designate an executor to oversee your affairs when you die.
Sometimes, when a will is prepared, the executor bond requirement is waived. Before you do this, however, consider the confidence family and friends gain knowing that an executor bond is in place.Essentially, an executor bond protects the interests of your estate and beneficiaries in accordance with the laws in your state. Sometimes, these fiduciary bonds are even required by probate courts.
Colonial Surety Company, a leading expert in the field, offers an easy, direct and digital way to obtain an executor bond and other fiduciary bonds. The steps are easy—get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere, anytime. It’s that simple!
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