Wednesday, April 16, 2014

Celebrate National Biscuit Month

     If you do a simple Web search for "bizarre and unique holidays" you'll be entertained by what's out there.  For example, there's National Welding Month, National Picnic Month (this should not apply to ants), National Sleep Comfort Month, and of course, National Fight the Filthy Fly Month.  For those that are curious about how babies are made, there's Romance Awareness Month.  On a trip through Nashville last year, my wife and I discovered that September is National Biscuit Month and I just had to take this picture:

      After looking through the various holidays out there, I never came across a month dedicated to beneficiaries, so I'm unofficially declaring April as National Beneficiary Month.  I'm doing this as a public service because early on in my career, I happened to take a call from a customer whose husband had just passed away.  The widow was calling in because she thought that she was the beneficiary of her husband's 457 deferred compensation plan.  Sadly, her husband forgot to update his beneficiary designation on the account, and a very large sum of money went to his ex-wife.  As hard as she tried to get access to the money, the last I heard, the court could not help her.  The judge simply could not make assumptions and the woman wound up with nothing.
     Now that your taxes are done, please take some time to make sure your beneficiary designations are up to date.  Accounts such as checking, savings, retirement, life insurance, etc. should be carefully reviewed from time to time.  Although some jurisdictions are forgiving when it comes to unintended beneficiaries, don't leave things to the courts.  Update your beneficiaries so that we can all enjoy National Beneficiary Month.

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