1. Review Your Existing POD Beneficiary Designations:
Fill Out the Form Accurately Request Confirmation
Ensure your current designations reflect your wishes and remove any outdated or incorrect beneficiaries.
5. Inform Your Beneficiaries: Keeping your beneficiaries informed prevents confusion later. Let Beneficiaries Know They Are Named 6. Periodically Review and Update as Needed: Life changes happen. Regularly reviewing POD designations ensures they remain accurate. (We suggest doing so annually on April 16th.) Set a Reminder to Review Annually Update if Your Beneficiary’s Situation Changes Ensure POD Aligns with Your Estate Plan
Check Your Bank Accounts Identify Current Beneficiaries Update for Life Changes
2. Gather Required Information: Updating a POD beneficiary requires key details about the new recipient. Full Legal Name of Beneficiary Date of Birth Social Security Number or Taxpayer ID (If Required) Contact Information 3. Contact Your Bank or Financial Institution: Each bank has its own process for updating POD designations. Identify the Proper Forms Verify if Notarization is Needed 4. Complete and Submit the POD Beneficiary Update: Follow the bank’s instructions carefully to ensure a smooth update Follow the bank’s instructions carefully to ensure a smooth update.
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