The Importance of Beneficiary Designations
Once your estate plan is complete, it will be important to be on the alert for any changes in your life that may cause you to update your plan. The same is true with those you designate as your beneficiaries for your life insurance, retirement plans, and other assets. These assets are not automatically updated when you update your will or trust. The caretakers of these assets are required to pass them on to those you have named in your policy, even if by chance your will or trust says otherwise. So it is very important to make sure that your beneficiary designations stay current.