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  • Best practices for organizing financial holdings
  • December 16, 2013
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    When it comes to planning one’s estate and final expenses, it’s crucial for people to leave behind clear instructions in their will, as well as complete and well-organized information about their assets, life insurance policies and other financial holdings.

    However, due to the complex nature of settling one’s estate, important assets may often be overlooked if there are no clear heirs or if family members are not aware that they are in line for an inheritance.

    In fact, according to the American Association of Retired Persons (AARP), life insurance companies are not technically required under the law to locate beneficiaries in the event that a policyholder dies.

    Fortunately, the AARP notes that many companies do try to locate beneficiaries when a policyholder dies; if they are unable to do so, the money ends up being held by the state in the form of unclaimed property.

    The AARP also advises family members that it is generally up to the estate or beneficiary to inform a life insurance company when a policyholder has died.

    On a separate note, it’s also important for people to be sure their life insurance designees are kept up to date – such as after major events like a divorce, re-marriage or the birth of a child.

  • Category: Articles Library, Life Insurance, Tips

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