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Designate beneficiary for annuitiesPosted On Mon, November 30, 2009
Many consumers may have invested their money in annuities, however, they should make sure things will be handled in the case they die.
A recent report from the Arizona Republic noted that consumers should designate a beneficiary for their various investment accounts, including 401(k) plans and annuities.
"Why is it important? Because these types of accounts act as standalone estate plans, meaning the person you name as beneficiary gets the assets in the account, even if you have named other recipients in a will, trust or other estate document," the Republic report stated.
Along with making sure they have designated a beneficiary on their accounts, consumers should make sure to keep them updated. That would include keeping beneficiary information current, as changes in a person's life could make it necessary to change who receives money if a person dies.
In addition to choosing a beneficiary, life changes may cause people to change their investment strategies. Younger people may be more comfortable with taking a risk by investing in variable annuities, whereas older people may be more likely to stick to fixed annuities.
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