Baby Boomers' Biggest Financial Risk: Cognitive Decline

[A HERETIC I AM]

3. Excellent points

It becomes even more complicated when the decedent is found to have accounts (old 401(k)’s, for instance) that they haven’t paid any attention to in a long time.

People can tend to accrue accounts over the years, from savings to IRA’s and whatnot, and if the beneficiaries are not kept up to date, or the accounts consolidated, it can be a nightmare for the executor.

The lesson? Update beneficiaries on a regular basis when appropriate, because divorces happen, relationships sour, etc and someone you named 20 or more years ago could be someone you now don’t want to get a dime.