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Tag: investment accounts

Are your beneficiaries up to date?

Updating the beneficiaries on your life insurance policies and financial accounts isn’t the fun part of financial planning, but it’s critical to making sure your loved ones are protected and your money goes where you want.

Here’s why:

Skip the Will: A beneficiary designation supersedes your will. So, if you name your children in your will but accidentally keep your ex-spouse on your retirement accounts, guess who gets that money? (Hint: it’s not your kids.)

Help Your Family, Fast: Beneficiary designations can help keep your assets out of probate, which is often lengthy, expensive, and public for your family.

When should you update your beneficiaries?

Family Events: Marriage, divorce, the birth of a child or grandchild, or the unfortunate loss of a spouse or loved one should trigger a review of your beneficiaries.

Money in Motion: If you’ve opened new accounts or rolled over a retirement account, your beneficiaries won’t automatically update. Take the time now to add primary and contingent beneficiaries.

Need help reviewing and updating your beneficiaries? Send us an email at and we’ll set up a time to do it together.