Examine your life insurance policies and take a look at who is named beneficiary. Chances are it’s your spouse or other family members, but if a beneficiary isn’t named, the proceeds will go to your estate. There are several reasons why you don’t want that to happen:
- The proceeds could be subject to state death taxes,
- Creditors of your estate would have access to the funds,
- Probate fees could be increased, and
- Distribution of proceeds could be delayed until administration of your estate is complete.
Make sure you have named a beneficiary for the proceeds. Keep in mind that you can name the Minnesota Medical Foundation as a primary or contingent beneficiary of your life insurance, in the event that a named beneficiary is not alive at your death.
To learn more, please contact the Minnesota Medical Foundation’s planned giving team at 612-625-1440, 800-922-1663, or giftplanning@mmf.umn.edu.
