Why? Because sometimes, although illegal, advisors put themselves down as beneficiaries, and sometimes your beneficiaries just really need to be updated in general.
Your beneficiaries are designated on your life insurance policies, some investments, and some financial accounts. The beneficiaries will directly receive the death benefit from your life insurance policy, or the money from your investment accounts/financial accounts. That means they don’t have to wait for “Probate” to be completed before they can access the funds. In our experience here at Bowie Financial, most beneficiaries receive their money within 3-6 weeks of a loved one’s death.
Do you have Segregated Funds, GIC’s, RRSPs, TFSAs, RRIFs, for example: with companies like Sunlife, CI investments, RBC Life Insurance, etc? Have you checked to see who your hard-earned investments will end up with lately?
Life changes happen and everyone should regularly check the beneficiaries that they have designated to make sure they still make sense. Tax season is a great time to pull out those papers and take a look, or if you’re a client here at Bowie Financial you can contact us anytime and we’ll provide you with that information.
Here are a few examples of why people change their beneficiaries; a new marriage, a divorce, the death of a spouse, birth of a child, and sometimes just because they don’t like that person as much anymore.
Can you imagine having someone take a second opinion look at your accounts and you find beneficiaries that you don’t even know or super outdated ones?! It happens. So, when you have a minute take a look and then you know your wishes will be followed as planned. Easy peasy. But, if you do need help Talk to an advisor at Bowie Financial Inc. today