The importance of nominated beneficiaries and joint accounts — Hoxton Capital Management
The importance of nominated beneficiaries and joint accounts
What is a nominated beneficiary?
A nominated beneficiary is typically a dependent or adult relative who has been nominated to receive a death benefit upon the death of a member or policy owner (superannuation, pension accounts or life insurance death benefit). The most common issue we see in this area is a lack of urgency from people to actually contact their schemes and notify them of any changes to their wishes. Many people will nominate their beneficiaries once, when they first start a pension or take out a life insurance policy and never change those beneficiaries thereafter. In many cases this is fine as their wishes have not changed, but it is not uncommon to see ex-spouses and already deceased relatives still left as the beneficiaries, or grandchildren accidentally omitted when the policy owner or scheme member dies.
Originally published at https://hoxtoncapital.com on March 31, 2021.
