Establishing Your Estate Plan’s Foundation: 6 Step Checklist
CI Roosevelt Private Wealth can help you navigate all aspects of your estate plan. In the meantime, here is a useful checklist for understanding the basics of estate planning.Download the Estate Planning Checklist
1. Check Your Beneficiaries
In general, the beneficiaries you designate on accounts like 401(k)s and IRAs—or on policies like annuities and life insurance—will supersede what you designate in a written will. Therefore, it is important to review and update your beneficiaries each year.
For taxable accounts like Joint Tenants with Right of Survivorship (JTWROS), individual brokerage accounts or bank accounts, there are not typically beneficiary designations available. However, many accounts allow for “Transfer on Death” (TOD) registrations. This designation works like a beneficiary, where you designate who should receive the assets upon your passing. The TOD will also generally override a will, so it is important to make sure your designations are up to date.