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Fleming Financial Services Blog

At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.

Understanding Beneficiary Designations

Thomas Joseph Thomas Joseph , 2/17/2015
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Fleming Financial Services, PA, Grandparents and CollegeWhen you purchase a life insurance policy or create a will, it is of the utmost importance that you go through the proper beneficiary designation process. If you don't, you might find that the law supersedes who the designated funds go to. A beneficiary can be one of two things -- a person or a legal entity. There are many types of accounts that inherited funds can come from, including:

• Life insurance policy • Estate • Trust • Transfer on death account • Retirement account

It's important to note that you can have more than one beneficiary, including:

• Individuals • Organizations • Charities

Some people are fooled into believing that any names in their wills will supersede the names on their insurance and retirement accounts. Truth is, though, it's the names on insurance and retirement accounts that supersede the ones in a person's will. This is why it's of the utmost importance that you frequently review your beneficiaries on all accounts -- wills, estate plans, insurance and retirement accounts, trusts, etc. -- to ensure your funds are going to be handed down to the person(s) you want them to go to. There are four primary instances in which you will want to review your beneficiary designations:

• When you experience a life event; having a child, getting married or divorced, etc. • When you update a will or estate plan • You make changes to a 401(k) or IRA • A beneficiary notification is given to you

Any time you want to make a change to any of your policies -- will, retirement account, etc. -- it is pertinent that you speak with a professional attorney who specializes in making changes to beneficiaries.