Estate Planning 101: Create And Update Beneficiaries
Regardless of your income or net worth, you should plan for the future of your estate. And one of the most crucial steps is continuously creating and updating beneficiary designations.
Designations should include:
- life insurance policies
- bank accounts
- brokerage firm accounts
- retirement accounts
Failing to stay current on these accounts could cause serious trouble for your family after your passing. When updating this information gets ignored, the wrong person could be sitting pretty with assets you've worked your entire life for.
Also, keep in mind that a will or living trust doesn't override an outdated beneficiary designation and whoever is named on the most recent beneficiary form receives your assets as soon as you die, according to MarketWatch.
Learn more on beneficiary designations and their importance by reading this article from MarketWatch: https://ow.ly/tFMs30dbfHx
When was the last time your designations were updated? Let us know in the comments section!