Is Your Beneficiary Designation Up to Date? Here's Why Updating Your Account Beneficiaries Matters

ARTICLE | October 22, 2024

Authored by Vasquez + Company

In the hustle and bustle of daily life, it's easy to overlook who your designated account beneficiaries are. The article "When Is the Last Time You Thought About Your Account Beneficiaries?" emphasizes the importance of regularly reviewing beneficiary designations to align with your current life circumstances.

Key Points:

• Changing Circumstances: Major life events, such as marriage or the birth of a child, necessitate updates to beneficiary information to avoid unintended asset distribution.
• Nonprobate Assets: Understanding how nonprobate assets—like IRAs, life insurance policies, and certain bank accounts—function can safeguard your estate planning goals.
• Best Practices: Regularly review and update your beneficiaries, name both primary and contingent beneficiaries, and consider the tax implications of your designations.

By being proactive about your beneficiary designations, you can prevent potential issues and make certain your assets are distributed according to your wishes.

For more information, read the full article here.

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