Who are your current beneficiaries? When was the last time you updated your beneficiary paperwork?

A legacy is more than the stories and morals you pass down to your children and grandchildren. Where is your money going when you’re gone? Let’s look at a hypothetical situation.

In 2001, a former school principal Anne Friedman died of a massive heart attack. Bruce, her husband of 20 years, assumed her pension—worth nearly $1 million—would go to him.
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Unfortunately, that didn’t happen.

After Anne’s passing, a form was found indicating the beneficiaries to be her mother, uncle and sister. The form had been filled out 27 years prior, four years before the Friedmans ever met.

Anne’s sister was the only one left alive from the beneficiaries, claimed her money and Mr. Friedman has not received any money from her.

The courts weren’t much help for Mr. Friedman, as the Appellate Division upheld the Supreme Court decision in December. After his loss, Mr. Friedman’s lawyer made a statement:

“Make sure your pension beneficiary forms are updated on a regular basis. If you don’t, your spouse and family may wind up with nothing.”

So, where is your money going?
Respond and learn how different financial strategies can positively impact your retirement. By responding you may be referred to a Licensed Insurance Professional. This material has been prepared by The Foundation for Financial Education, a 501(c) (3) financial education nonprofit, for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

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