Keeping Your Beneficiaries Up to Date

A quick reminder that your beneficiary designations are just as important as your will or living trust. 

These are the names listed on your retirement accounts, insurance and annuity  policies, and some investment accounts. 

Whoever is listed there is who receives those assets when you’re gone.

What surprises many people is that these designations actually override your will and living trust. 

So even if your will or trust says one thing, the account goes to whoever is listed on that form. 

That can cause problems if life has changed but the paperwork hasn’t. 

We’ve seen accounts still naming an ex-spouse or a relative who passed away simply because the form was never updated.

The good news is this is easy to fix. 

Usually it’s just a quick review and a simple update form.

If it’s been a while since you last looked at yours, it might be a good time to check.