Beneficiary Designation and What Your Beneficiaries Should Expect

Someone has stepped it up! Oh yeah! Do you remember the old woman who lived in a shoe? Well, this single mom decided to cash in on all of those kids she’s been supporting and land herself a reality show on The Nursery Rhyme network. Straight up! Now she’s living in a high-heeled Louboutin with the red bottom and everything! Thank goodness, she hasn’t spent all of her earnings on bags to match that shoe; she’s been saving up money to leave an inheritance to her kids. You go girl!
So, how is she going to choose which children will get all of her dough when she’s gone? Should she do eenie meenie miny moe? Once again, she doesn’t know what to do. Well, one of the first things she should consider is designating a beneficiary.
We, at Achieve Financial Group, are going to tie up our tennis shoes and run over to her filming location. We’ll do what we can to walk her through the process and what her beneficiaries should expect.

  • She should choose a primary beneficiary (or beneficiaries) to inherit first.
  • Secondary beneficiaries are often referred to as contingent beneficiaries on account forms
  • Beneficiary designations become active immediately after death and override any information regarding inherited assets provided in her will.
  • She should review her designated beneficiaries every year, for all her accounts.
  • She should update her beneficiary information after any major life change such as marriage, divorce or the birth of another child.
  • If she loads too many assets on her heirs, they may be liable to pay federal estate tax.
  • Her beneficiaries can avoid taxes altogether if she designates a charity or a non-profit as her heir. If she does that there’s no tax on the transfer or future use of the money.
  • Her children under the age of 21 may not be able to directly inherit assets from an annuity, a retirement plan or a life insurance policy, depending on the state.

Bravo! This mama with the prime time drama knows exactly what to do with the inheritance she wants to leave. She keeps losing count, but her kids are grown now, so they’re all a shoe-in for the big bonanza.


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