Return to Blog

Why You Should Always Have Contingent Beneficiaries on Your Retirement Accounts

During annual review meetings, the Wiser team often looks at the beneficiaries assigned to your accounts. It is important to have contingent beneficiaries on your retirement accounts so you can properly allocate your assets in case of sudden death. Without proper planning, you will have to go through probate. Probate is when a judge will be in charge of your asset allocation. Make sure to have a plan in place and choose your beneficiaries early on so you can avoid this.

Casey explains that a contingent beneficiary could be your children, an organization you would like to support, or somebody you trust with your assets. He also explains that in this planning process you will often see the legal term, per stirpes. Per stirpes means the assets will follow the bloodline, and each child will receive an equal amount of your assets. If per stirpes is not an option on your form, you will have to log in online and add your beneficiary's name, date of birth, and in some cases their social security number. Plan ahead, and always remember to look through your forms to make sure you have a primary beneficiary and a contingent beneficiary!

Download our free guide: "7 Steps to Leave a Financial Legacy"

Have more questions? Contact Us

Casey Smith
President, Wiser Wealth Management

Click here to schedule a consultation with one of our financial planners.

Listen to Our Podcast:

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

You may be wondering, how can I become a long-term investor? Watch today's video to find out! #longterminvestor #longterminvesting #invest #investor

It is important to always have contingent beneficiaries on of your retirement accounts. Watch this video to learn why. #retirementplanning #contingentbeneficiary #beneficiary

It is important to utilize a CPA when crafting a legacy plan. Watch this video to learn why. #cpa #taxes #financialadvisor

You've spent your lifetime working hard to build your wealth, and you may be nervous about how the next generation will handle that wealth. Here's how a financial advisor can help throughout the legacy planning process. #legacy #financialplanner

Are you wanting to leave a legacy for the next generation? If so, this legacy doesn't have to be just financial, you can also strive to pass down family history, work ethic, and community outreach goals. #legacy #financiallegacy #leavealegacy



Client Access

Firm Information

Schedule a Meeting
678-905-4450[email protected]
Google Rating
Based on 73 reviews