Updating Your Beneficiary Designations

It’s a good idea to routinely review beneficiary designations for life insurance policies, employer-sponsored retirement plans, IRAs, bank accounts, mutual funds, annuities, brokerage accounts, and 529 college savings plans.  Here are six reasons why you may need to update:

1. You have divorced or remarried.
2. You rolled over your retirement plan when changing jobs.
3. Your primary beneficiary passed away.
4. Your financial institution changed ownership.
5. You had a child or a grandchild.
6. Your beneficiary became disabled.

See Harper Willis, The Big Estate-Planning Goof You May Be Making, Forbes, Dec. 16, 2013.