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Bridgett: We recently went to our attorney to ensure our estate plan is up to date. We knew we had put this off far too long.
John: During our visit, we learned something that we hadn't considered. Our attorney said that it is just as important to make sure our beneficiary designations are up to date as updating our will.
Many of our financial accounts like our IRAs, CDs, savings account, checking account, annuities, and our life insurance policy were opened years ago. When we set them up we sometimes filled out the beneficiary designation form. Sometimes we didn't.
Bridgett: Yeah, that's right John. And some of the beneficiary designations we made were not up to date. This could have created head aches for some of those we hoped to benefit some day.
John: Beneficiary designations forms are easy to complete and we found out easier to forget. We learned we can name both individuals and charities and both primary and contingent beneficiaries.
If we kept it the way we had them, these forms would actually have overridden what we put in our will.
Bridgett: We decided to update our forms and ultimately designate the "Evangelical Free Church of America -- Minneapolis, MN" for one of our IRA accounts. These funds will automatically be transferred at our death, bypass probate, and the EFCA will not have to pay any income tax on the funds they receive.
John: We are blessed to be able to provide for others in this way, too. Best yet, if we change our mind later on, we can. It is easy enough to get the forms from each financial institution where we do business and update them.
Bridgett: Now things are taken care of. Our will is up to date and so are our beneficiary designations. Our attorney served us well.
The EFCA Foundation suggests you plan to review our beneficiary designations every couple of years when we review other often forgotten documents like power of attorney, health care directives, and the co-signer of our safe deposit box. You will want to work with your legal and financial advisors to make sure your goals are realized in the best way. Thank you for considering naming your local church, district, favorite EFCA camp, and the Evangelical Free Church of America within your plans.
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Thank you for considering naming the Evangelical Free Church of America within your estate plans.
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