Depending on the age of the client, IRAs (and retirement plans such as 401(k)s) are often their largest asset. Yet, many times, these assets slip through the cracks and their value is not maximized. Here are some common mistakes:
- Not updating beneficiary designations
Unfortunately, an IRA which names your mother or an old flame is going to control, even if your family circumstances have changed and even if your will or trust names different beneficiaries. It’s critical that clients update their beneficiary designations periodically.