Your beneficiary designations may be obsolete: Review and update as needed

Description

Abstract: For most people, a substantial amount of wealth is transferred to loved ones through beneficiary designations. Indeed, making beneficiary designations is an excellent tool for transferring assets that aren’t subject to probate, including IRAs and certain employer-sponsored retirement accounts, life insurance policies, and some bank or brokerage accounts. This article stresses the importance of reviewing and updating beneficiary designations after major life changes.