When is the last time you looked at ALL your beneficiary designations? Are you willing to bet $1 million that they are accurate and up to date? Perhaps you should check on them again.
CAISSA is known for "torpedo proofing retirement visions." One of the deep dives in that process is estate planning. There are many important tools out there that we use for estate planning. One of the top tools is a revocable trust. A revocable trust is a detailed document that tells survivors exactly how assets are supposed to transfer to the next person without making them go to court to figure it out. If set it up correctly, your loved ones will never have to go through the long probate process.
Often overlooked is the power of the beneficiary designation and the way an account is titled. You can draft the most intricate and fancy revocable trust in the world, but it does nothing if you forget to put the asset titles in the name of the trust. The simplest way to assure your assets are transferred properly and easily is by making sure your beneficiary settings are buttoned up properly and that your assets are titled correctly. One slip up and your entire estate plan can go awry.
One of the things we do with CAISSA clients is conduct an internal "prove it" session. We verify all our beneficiary settings and asset titles by visiting every asset and printing out "proof" of the title and beneficiary. From there, we match it up with the estate plan to make sure it is all working together. This "prove it" session helps us catch those simple mistakes so they don't become big ones!