Paul O. Dillon, Attorney at Law

Caregiving and Estate Planning Provides Peace of Mind for All Generations

If your goal is to keep the farm, ranch, or small business in the family, planning, including estate planning and caregiving, is the number one strategy to making it happen. Families may dissolve the farm or business without advance planning to pay for long-term care expenses. A recent article from AgWeek, “Caregiving plans can provide peace of mind for farming and ranching families,” explains what needs to be done.

Part of the issue is that most ranchers and business owners won’t qualify for Medicaid because they own a significant asset. Having to sell off something they’ve worked their entire lives to build is often a result of no planning.

If you have a long-term care insurance policy, it needs to be carefully reviewed to determine what conditions need to be met for benefits to be paid. For example, most policies have a “waiting period,” so you’ll need to plan how to pay for caregiving during the months before the policy kicks in.

There’s also confusion about the difference between Medicare and Medicaid. Medicare is health insurance for medical expenses, while Medicaid is usually used for long-term care and caregiving needs. However, Medicaid is a needs-based program. An estate planning attorney can help the family determine what needs to happen in advance, whether the goal is to protect the farm, ranch, or small business while helping the aging parent become eligible for Medicaid.

Estate planning includes planning for incapacity, which can occur at any time but is more likely as we age. Suppose the individual hasn’t completed a power of attorney, healthcare power of attorney, and other medical directives. In that case, the family will need to go to court to obtain conservatorship or guardianship to take over the person’s financial matters and make healthcare decisions on their behalf. An estate planning attorney can help the family prepare the documents and create a plan.

Having an estate plan in place is also another means of protecting the family’s assets from elder abuse. Everything needs to be documented, and records need to be well-organized so every family member knows where documents are, where assets are and the plan for the inevitable events of aging.

Meeting with an estate planning attorney to create the last will and testament, power of attorney and all other planning documents can minimize the stress and costs involved. Without planning, everything becomes far more complicated, costly and stressful for all concerned.

Reference: AgWeek (May 14, 2024) “Caregiving plans can provide peace of mind for farming and ranching families”

Will I Need to Pay Taxes on Inheritance?

It happens all too often: a couple has an estate plan created, including a last will, upon the birth of their first child. However, it’s never updated when a second child is born. Or a man neglects to update his named beneficiary on a retirement account after he and his first spouse divorce. Failing to update wills or beneficiary assignments results in problematic situations for heirs, according to the article “Inheritance Tax: What Happens When You Split What You Inherit With Someone Outside of the Will?” from Go Banking Rates.

When someone inherits money or other assets, they sometimes must pay taxes on it—if they live in one of only six states still having an inheritance tax. Those states are Iowa, Kentucky, Nebraska, New Jersey, Pennsylvania, and Maryland.

The taxes range from 0% to 16% on assets with a value greater than the state threshold. The rates also vary depending on the relationship between the decedent and their heir.

If you live in Nebraska, as of 2023, any immediate family members must pay a 1% tax on inherited assets if the estate is valued at more than $100,000. Heirs not immediate family members must pay 11% for assets valued over $40,000 and 15% for assets worth more than $25,000.

If you live in Pennsylvania and are a minor child under age 21 or a spouse, you don’t need to pay an inheritance tax. However, children of the decedent do have to pay one.

Inheritance tax is different than estate tax. The federal government doesn’t levy an inheritance tax but has an estate tax. Heirs pay the inheritance tax, while the deceased person's estate pays estate taxes.

To get a rough idea of the estate’s value, the executor adds up the fair market value of all assets the decedent owns, including property, cash, investments, cash and insurance. The executor must next add all liabilities: credit cards, mortgages, car loans, etc. Subtracting the total liabilities from the assets results in the value of the net estate. An estate planning attorney will be able to help determine an accurate value.

In 2024, the threshold for estate tax is $13,610,000, paid only by a few Americans.

Some states also have an estate tax. This includes Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont, and Washington. State estate taxes vary considerably, from as low as 0.8% to 20%. A local estate planning attorney will know your state’s estate tax and how to structure your estate plan to limit tax liabilities.

Inherited property is taxable if you sell it for more than it was worth when it was first inherited. Let’s say someone leaves you a valuable sailboat with a fair market value of $100,000 when you inherit it. If you don’t want it and sell it for $200,000, you have a capital gain of $100,000. You’ll likely owe capital gains tax on the difference.

If someone neglected to update their estate plan and a sibling was left out of the will, you can make them whole by sharing the estate. However, you’ll have to inherit the asset first and then determine how to distribute it. An estate planning attorney is the best resource to solve this problem.

Reference: Go Banking Rates (April 8, 2024) “Inheritance Tax: What Happens When You Split What You Inherit With Someone Outside of the Will?”

What Questions to Ask before a Mid-Life Marriage?

Today’s wedding couple is as likely to be 30 or 50 years old as they are to be in their twenties. This trend underscores the importance of having open discussions about finances and retirement before exchanging vows. A recent article from Next Avenue, “The Talk Over-50s Should Have Before Tying the Knot.” Whether you’re getting married for the first time or the second, being closer to retirement has major financial implications.

The most important thing is to disclose each person’s financial situation completely. For some people, this includes their retirement goals and lifestyle choices. What are the potential healthcare issues? Is there debt to be considered? How are each managing their investments?

If both people own homes, a plan for going forward needs to ask a simple question: where will the couple live? Will one sell their home or turn it into a rental property? If it is sold, will the seller retain all the income, or will they buy into ownership of the joint residence? Emotional attachments to homes can make this a difficult discussion, but it needs to be addressed.

Getting married changes each spouse’s legal status, meaning estate plans must be updated. If both have an existing estate plan, it needs to be reviewed. Powers of Attorney, Healthcare Proxy, and other estate planning documents must also be updated.

While reviewing and revising estate plans, don’t neglect to check on any accounts with named beneficiaries. More than a few ex-spouses have received insurance proceeds or accounts because someone neglected to update these accounts. The named beneficiary overrides anything in your will, which is critical to updating the estate plan.

If you both have children from prior marriages, meeting with an estate planning attorney to determine how to manage property distribution is another critical step before getting married. You may wish to create and fund trusts before marriage, so assets remain separate property. There are as many different types of trusts as there are family situations, from keeping assets separate to providing for a surviving spouse while ensuring biological children receive their inheritance (SLAT), or family trusts where assets are moved into the trust for the surviving spouse to allocate assets to heirs based on their needs.

Social Security planning should also be part of the discussion. If one spouse is a widow who was receiving survivor benefits, they could lose those benefits when they get married.

Talk with an estate planning attorney before getting married to fully understand your situation and ensure you and your spouse are ready for the changes and challenges of your senior years together.

Reference: Next Avenue (March 14, 2024) “The Talk Over-50s Should Have Before Tying the Knot”

How to Make 2024 the Best for Retirement Finances

We all know what happens with New Year’s Resolutions—they’re mostly gone by February. A recent article from The Street, “9 Ways to Prioritize Your Financial Well-Being This Year,” explains how a proactive mindset can help you integrate positive management into your everyday life in 2024.

First, get organized! A cluttered environment can lead to a cluttered state of mind, increasing stress and reducing productivity. When was the last time you organized your finances? Preparing for taxes is a good time to take a day to go through old records, identify and gather what’s missing, update information, end unused subscriptions, set a budget, create your income tax folder and create a mindful bill-paying system.

Determine your financial goals for 2024 and beyond. If you’ve recently experienced a significant life event, like a divorce or marriage, or welcomed a new child or grandchild, now is the time to incorporate new goals, eliminate old goals and focus on the steps you need to achieve your new goals.

Have a values-based conversation with your spouse or partner. What is essential to both of you and how might you accomplish these goals? If you are single, make an appointment with your financial advisor to discuss your goals and what you can do to make them a reality.

Do you know what your net worth is? This is often used as a benchmark to understand your progress towards your goals. You should include investments, savings, equity in your home and other assets. Then assess your liabilities: mortgage, credit card debt, auto loans, personal loans, etc. Doing this every year will help you understand if you’re making good progress or may serve as a wake-up call.

Do you have an estate plan, or is your estate plan more than three to five years old? This is the greatest gift you can give your family. It includes how to settle your estate once you’re gone and how and who to manage your affairs while you’re living if you become incapacitated. An experienced estate planning attorney can create a plan aligned with your state’s law, so you don’t risk creating an invalid will, which will cause many challenges for loved ones.

Prepare digital assets. If you don’t have a list of all online accounts, including usernames, passwords, PINS and two-factor authentication information, start by taking inventory and documenting your information. Make sure your executor has access to this information.

Prepare a financial “go” bag. The news is filled with natural disasters. You won’t get a printed invitation if you need to evacuate in an emergency. Have copies of important documents, including IDs, insurance cards, healthcare directives, birth certificates and marriage certificates, ready to take with you at a moment’s notice. Include information about your prescriptions and other medical information.

It's always good to form good habits and tracking them keeps your activities and goals top of mind. Use a spreadsheet, calendar, or journal to hold yourself accountable and give yourself a feeling of satisfaction every day.

Finally, a values-based decision-making approach can help you reach your goals. An example is whether you want to make an extra mortgage payment or invest the money in your child’s 529 account. By identifying core values before setting goals, you can use your values to help prioritize what matters to you, aligning goals with values and actions.

Reference: The Street (Jan. 22, 2024) “9 Ways to Prioritize Your Financial Well-Being This Year”

Do You Know How to Probate an Estate?

Being asked to serve as an executor is flattering, as it shows someone you love trusts you enough to put you in charge of managing their estate. However, probating an estate is no simple task, says a recent article from The Mercury, “Planning Ahead: Do you really want to handle probating an estate on your own?”

Having an experienced estate planning attorney help with probate may be the difference between years of headaches and a few months of involvement, but not being overwhelmed with finalizing your loved one’s estate.

First, do you have time or energy to deal with many different bureaucracies? Financial institutions, insurance companies, annuity providers, governmental entities and other entities can be challenging.

Next, are you familiar with the laws, procedures and tax laws in Aunt Lucy’s state? If she lived in your state, you’re about to learn how your state works. If she lives in another state, you’ll need to learn a lot about how an estate is settled in a place you might never have been. However, you may need to travel to and take care of Aunt Lucy’s estate.

If your aunt owned property in more than one jurisdiction, being her executor may require you to become involved in a process called “ancillary probate,” where assets need to be transferred into the names of the beneficiaries listed in her will. You might need to work with an estate planning attorney from Aunt Lucy’s state to get this done.

Another consideration: are you prepared to navigate the family dynamics? This may not be too bad if you are Great Aunt Lucy’s only heir. However, you may become embroiled in family spats if your aunt had a family of children, grandchildren and great-grandchildren. If the family members are contentious, you may deal with more than bureaucracies.

A few other things you’ll need to know:

Some states have an estate tax, while others have an inheritance tax. Even if there’s no federal estate tax due on the estate, you’ll need to address these two taxes.

The inheritance tax follows the jurisdiction of the decedent, not the beneficiary. If the state has an inheritance tax, it doesn’t matter if you live out of state. Heirs still must pay the tax.

Non-probate property may still be taxed. In some states, like Pennsylvania, property passed through a Revocable Living Trust is still taxable for the state’s inheritance tax. So is property passing as “Payable on Death” (POD) or Transfer on Death (TOD). Jointly titled assets are taxable at a proportionate share of the value.

These details are just a few reasons an experienced estate planning attorney brings value to the estate. It’s not easy for a layperson to settle an estate without the help of skilled professionals.

Reference: The Mercury (Jan. 31, 2024) “Planning Ahead: Do you really want to handle probating an estate on your own?”

Estate Planning When a Loved One Needs Hospice Care

Many families discover their loved ones haven’t done any estate planning, only when moving a parent into hospice. Whether or not any last-minute estate planning can be done depends upon the loved one’s condition, explains the article “The Challenge of Last Minute Estate Planning” from HomeCare.

If they cannot speak for themselves and do not have a Power of Attorney prepared, last-minute planning is no longer an option. If they can speak for themselves, there may be time to complete a few tasks to make things easier for surviving family members. The family should immediately seek guidance from an experienced estate planning attorney. Here are the steps to be implemented.

Create or update the will. If there is no will, have one created as soon as possible. If one exists, it needs to be reviewed and updated. Use this opportunity to communicate their wishes with family members and others to prevent misunderstandings.

Designate beneficiaries. Ensure that all accounts (bank, retirement, life insurance policies, trusts) have updated designated beneficiaries.

Consider a Revocable Living Trust. If time permits, a revocable trust could be considered for certain assets to take them out of the probate estate and provide flexibility in managing the estate.

Power of Attorney and Healthcare Proxy. They’ll need to designate someone they trust to make financial and healthcare decisions on their behalf.

Guardianship for minor children. If the person entering hospice has minor children, they can designate a guardian in their will to ensure the children’s care and well-being. Someone who is terminally ill at a young age usually has thought about who they want to care for their children. However, this needs to be put into the will.

Emergency document kit. It’s a good idea to prepare a document kit including important information, including a list of assets, passwords, insurance policies and contact information for the estate planning attorney, CPA and financial advisor. Keep these documents in a secure and accessible location.

Digital assets. Create a list of assets, including user logins, passwords and the nature of the digital asset. Include instructions for managing or transferring digital assets, including social media, email and online accounts. There are ways to create legacy contacts for social media, so the accounts can be memorialized or shut down in the future.

Discuss and finalize important decisions. Wishes about end-of-life care are more important than ever. Do they want to be kept alive by artificial means, or is pain management their primary concern? If possible, have these discussions in a supportive and loving manner. A hospice counselor or death doula may be helpful.

Ideally, estate planning should be done long before hospice becomes necessary to ensure that the estate is handled correctly, and a person’s wishes are followed. When last-minute estate planning is needed, it’s critical to collaborate with an experienced estate planning attorney.

Reference: HomeCare (Jan. 16, 2024) “The Challenge of Last Minute Estate Planning”

Can You Completely Avoid Probate?

When you die, your estate will typically need to go to your heirs through the probate process, which can take several months, might be expensive and will be stressful for loved ones. The article “How To Avoid Probate In 2023” from Forbes applies to avoiding probate in any year and contains useful tips and recommendations.

Simplified Procedures in Some States. Estate law is state-specific, so in some states, there is a means of transferring wealth for a small estate. An estate planning attorney will know how your jurisdiction works. Eligibility varies based on the estate's total value, the types of assets transferred and who the heirs are. Just because the process is simplified doesn’t mean there won’t be some court involvement. The estate may be vulnerable to creditors, and estate taxes may be owed to the state, so you’ll still want to take steps to protect your estate.

Gifting Assets With Warm Hands. In 2024, you can gift up to $18,000 per person without triggering a gift tax. Married couples may gift a combined $36,000. Let’s say you and your spouse have two children. You may give $36,000 to each child, taking $72,000 out of your estate. This is used as a simple way to reduce a taxable estate. However, don’t gift without carefully analyzing what you and your spouse need to live on. You’ll also want to be sure that you have enough funds for emergencies.

Creating a Trust. Creating a trust is another way to take assets out of your taxable and probate estate. Money, investment accounts and even insurance policies can be moved into trusts. The trust is a legal entity, and once assets are transferred into the trust, they are owned by the trust and not by the person who established the trust. The language in the trust document outlines exactly how you want the assets to be distributed, and a trustee must be selected to manage the trust.

Many different types of trusts serve a variety of purposes. A revocable living trust allows the grantor to change or modify the trust whenever the grantor wants. Nevertheless, the high level of access and flexibility comes with a cost—the assets in the trust may be subject to creditor claims and estate taxes.  An irrevocable trust cannot be changed and provides better protection. Your estate planning attorney will know which type of trust best suits your needs. A trust may also be useful when planning for incapacity and qualifying for Medicaid for long-term care.

Joint Ownership. Owning property with another person can help transfer assets after death. However, some risks are involved. If you and the other person have a falling out or disagree over how the property should be managed, or one wants to sell and the other doesn’t, you could end up in court. In addition, if the other person is sued or goes through a divorce, you may find yourself owning assets with someone you didn’t plan on being in business with.

Pay-on-Death Accounts. Some, but not all, banks and financial institutions allow accounts to be set up to pay another person upon the death of the owner. If possible, you’ll need to list a beneficiary on the account, and the assets will transfer automatically to that person outside of probate. Make sure to update your beneficiary designations, so the correct person receives the assets upon your death. If you have multiple children and only one child’s name is listed as beneficiary, they have no legal obligation to share the assets with their siblings. Using Pay-On-Death accounts should be coordinated with the whole of your estate plan, if an equal distribution is your goal.

If a will is prepared improperly, your family could become embroiled in a court proceeding to settle the estate. The best way to avoid or minimize court involvement is to work with an experienced estate planning attorney who can create a plan addressing your unique situation and achieve your goals.

Reference: Forbes (Nov. 30, 2023) “How To Avoid Probate In 2023”

How Can You Help an Aging Parent?

Understanding the transitions accompanying aging, from physical and mental concerns to legal and financial matters, can help improve the aging process for parents and their adult children. Preparing for some difficult conversations and knowing what tasks need to be accomplished is step one, according to the recent article from Harlem World Magazine, “How to Prepare For Your Parent Ageing.”

Open and honest conversations about the implications of aging are more likely to happen if they occur regularly, even on an informal basis. Having these talks early can lighten the stress and ensure that everyone is on the same page. Preparing for the future while parents are still well will make it easier for everyone.

A knowledge of wishes and preferences for care when they can’t take care of themselves is one of the more challenging conversations. However, you’ll want to see if they would wish to have a family caregiver or a home health care aid or would prefer to move to an assisted living facility. Finances need to be discussed. How will care be paid for, and what government programs are they eligible for?

It’s best to take care of their estate planning while they are well. If their will hasn’t been revised in decades, this should be taken care of sooner rather than later. Everyone needs to have a will, power of attorney, advanced directive and a health care proxy.

The will outlines how they’d want property and assets to be divided after they pass.

A Power of Attorney gives a designated person the legal authority to handle any financial or legal matters on their behalf if they become incapacitated. This is especially important for aging adults. Without a Power of Attorney, the family will need to go to court to obtain a guardianship, which is stressful, costly and time-consuming.

An advanced directive specifies the type of medical treatment they want to receive if they cannot communicate their wishes. This may include a feeding tube, heart and lung machine, or other means of maintaining life. They can also express their wishes to refuse care in this and several other documents.

Care for an aging parent can be expensive. Review their insurance policies, retirement accounts, long-term care insurance, Social Security benefits and any other sources of income. This information will help you plan for their long-term care, wherever it occurs.

Consider their health realistically. Chronic illnesses, like heart disease or diabetes, become more challenging with age and need to be managed consistently. Ensure that your parents have regular checkups with their healthcare providers and keep their prescriptions current.

It’s best to meet with an estate planning attorney to be sure these documents are prepared properly. Laws vary by state, so you’ll want to meet with a local attorney to be sure the documents are valid.

Remember it’s a responsibility and a privilege to care for those who once cared for us. Stay patient, work with experienced professionals, including an estate planning attorney, and you’ll be able to help your loved ones feel valued and loved.

Reference: Harlem World Magazine (Nov. 24, 2023) “How to Prepare For Your Parent Ageing”

Make Sure These Documents are Part of Your Estate Plan

Let’s be frank—no one likes to think about death and end-of-life arrangements. However, being prepared for the inevitable is not only a smart thing, it’s a kindness for loved ones. A recent article, “12 Documents to Prepare Now for Your Heirs,” from U.S. News & World Report, explains what you must do and how much harder it will be for loved ones if you don’t take these steps.

Failing to put your estate in order means family or friends will have to rely on probate court to determine the distribution of your property. Depending on your jurisdiction, this could create lengthy delays, additional court costs and unwanted outcomes. Heirs may also miss out on life insurance proceeds, or accounts may be overlooked if no one knows they exist.

Last Will and Testament. A will is used to name an executor to manage your estate, outline your wishes for property distribution and name a guardian for any minor children. You can use it to make arrangements for pets. However, a pet trust is enforceable and may be a better solution.

Trusts. A “funded” trust bypasses probate and gives more control over how assets are distributed. For instance, a trust can stipulate minor children do not receive access to their funds until a specific age or milestone is reached. Even with a trust, parents of minor children still need a will to name a guardian.

Letter of Explanation. Sometimes called a letter of intent, this document provides the rationale for instructions in the will. This can be especially important if assets are not being divided equally. Expressing your intentions may help avoid animosity between family members. Consider having a family meeting at your estate planning attorney’s office if this is awkward. With your attorney present, a neutral location may be easier and less confrontational than a discussion at home.

Asset Inventory. Create a complete list of all financial accounts and named beneficiaries. Each account may have a designated beneficiary or transfer on death provision. People often forget about these beneficiaries, so they should be checked to be sure they are correct.

Personal Items Inventory. If you want specific items to go to specific people, list them in your will. In some states, a personal property memorandum can be used for tangible property.

Power of Attorney. The POA is for use while you are living. If you become incapacitated because of an illness or accident, the POA lets a designated person make financial and legal decisions on your behalf. A Health Care POA allows a person to make medical decisions. Everyone should have these documents.

Life Insurance Policies. Heirs won’t know if you have policies unless you tell them. Keep records of your life insurance plans with important financial papers.

Real Estate Documents. Records like deeds, assessments, titles, mortgage statements and tax information should be included with documents prepared for heirs.

Recent Tax Returns. Tax returns contain a wealth of information for executors. Share the name of your CPA, so they can guide your family through filing final tax returns for your estate.

Online Accounts. Create a list of usernames and passwords and store it where heirs can access the information.

Digital Estate Plan. You’ll need a digital estate plan to provide directives of what you want to happen with your digital assets, including social media accounts, websites, digital photos, intellectual property and other files and documents. On certain platforms, you can designate a legacy contact who can access and manage your data after death.

Final Wishes and Arrangements. Your final wishes should be shared with your executor and family members. If you’ve made prearrangements for a funeral, memorial service, burial, or cremation, make sure that the information is shared. It’s a great relief for family members to know what you want rather than having to guess.

Reference: U.S. News & World Report (Oct. 27, 2023) “12 Documents to Prepare Now for Your Heirs”

Why Your Will Is Just One Part of an Estate Plan

When a veterinarian’s third wife left him, he rushed to update his will and estate planning documents to ensure that she wouldn’t get anything when he died. However, the handwritten change he faxed to his life insurance company wasn’t accepted, so his three children from his first marriage spent six years embroiled in a fight with her after he died.

Most people make the mistake of assuming their will is the last word on who receives what when they die, according to a recent article, “Your Will Alone Won’t Guarantee Your Money Goes to Your Heirs,” from The Wall Street Journal. However, certain documents override wills, and chances are you’ve got more than a few: beneficiary forms for retirement accounts, life insurance and some bank and investment accounts. This is the case regardless of whether the accounts were opened through the workplace or on your own.

Failure to update them and your assets could end up in an ex-spouse’s accounts or a court battle. Estate planning attorneys say this is a growing issue as Americans juggle multiple accounts and have more of their net worth in retirement accounts.

You must be sure that all beneficiary forms match your current intent and estate plan. For one employee benefits attorney, the hardest part of the job is writing denial letters to children and parents, advising them they are not entitled to the accounts.

Some laws regarding pensions and spouses need to be explored and clarified. For example, an employee divorces and names an adult child as the new 401(k) beneficiary. The employee then remarries. Under federal law, the new spouse gets the 401(k), no matter what the beneficiary form or will says. The rules vary for beneficiary forms for different accounts, so each needs to be examined.

With 401(k)s, married spouses are automatically entitled to the money unless they formally waive it, and the waiver must be notarized. If no beneficiary and spouse are listed, the employer plan documents determine who is next in line.

With IRAs, in most states, you can name someone other than your spouse as a beneficiary without needing a waiver. You will need a waiver if you live in a community property state, like California or Texas. If no beneficiary is listed, the terms of the IRA agreement determine who inherits the IRA.

With insurance payouts, the employer plan documents control the payout, if the policy is a workplace plan obtained through your employer. If you purchased the policy independently, the insurance company’s rules govern. Litigation typically ends up in state court.

Want to protect your heirs?

Take beneficiary forms seriously, and don’t just sign and forget them. Be sure to include the beneficiaries’ proper name, date of birth and Social Security number.

Keep the documents updated according to the institution's guidelines anytime there is a major life event, like getting married, divorced, or having children. Some states have laws automatically revoking designation upon divorce, but many do not.

For banks and investment accounts, people sometimes add a “payable on death” designation by filling out a special beneficiary form and then forget about it. If one child is named and not the other, this can lead to hurt feelings and fractured relationships.

These accounts and insurance policies must be aligned with your overall estate plan, or they may not work as you want.

Keep copies of beneficiary forms with your estate planning documents. You may want to send duplicate beneficiary forms to the bank, brokerage house, or insurance company and ask for one back with a stamp indicating it was received. You can sometimes check your account profile online to see if the change you requested has been made.

Reference: The Wall Street Journal (Sep. 30, 2023) “Your Will Alone Won’t Guarantee Your Money Goes to Your Heirs”