Retirement Account Beneficiary Forms: Very Important

August 25, 2014 by Thomas Mullooly

For many investors today, their 401k account, pension plan, or IRA is the largest financial investment they have. Something that often goes overlooked is the beneficiary form of these retirement accounts. Tom is here to explain why neglecting to fill out, update, or otherwise pay attention to this form is a big mistake!

Retirement account beneficiary forms carry the final say in estate planning. When you pass away, it doesn’t matter what you intended or what your will says. We’ve seen some unfavorable situations occur because people never filled out their beneficiary form or forgot to update it. Like an ex-spouse receiving an IRA account, for example. Avoiding messy situations is as easy as keeping the beneficiary form up to date!

If you have any type of legal issues, we highly recommend consulting an attorney for advice. When it comes to updating beneficiary information on a retirement account, we recommend speaking with an investment advisor or financial planner.

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.