Hello from Sycamore,
Many of you have IRA’s, pension plans or annuities with beneficiary designations. Some of you have basic accounts that are designated as TOD (transfer on death), and more than a few of you have all four. These designations are designed to transfer your assets to your beneficiaries quickly and efficiently (they generally are passed without probate costs).
Our purpose in this communication is simply to ask that you invest a few minutes of your time reflecting on these designations. Review them for any changes that may be necessary due to a marriage, divorce, birth, death, adoption etc. It’s not uncommon to make a quick decision about these designations when asked during an application process, but we’re not certain serious thought is always given to this very important decision.
Beneficiary designations have several benefits, but are not appropriate for everyone, so consider your individual circumstances to determine that they will accomplish your wishes.
Generally, if you have what you would consider a “regular family circumstance” these beneficiary designations are adequate and efficient. However, if you have special circumstances or concerns, you may want to check with your attorney to determine if transferring your assets through a will or trust would suit your situation better.
Many times we can help to guide you on this decision but we cannot replace legal counsel.
Thanks for your business and trust,
Sycamore Financial Group
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