Whenever there is a life event such as a marriage, divorce, death, birth or a significant birthday you need to review and update the beneficiary designations on your various accounts.
You also should name a contingent beneficiary. This is the person second in line to receive the assets just in case the first person named does not outlive you.
So why is this so important you ask? Well beneficiary designations are unique in that upon your death the assets pass to the named individuals and they bypass a will or a trust that may be in place.
Even if you leave everything in your will or your trust to your spouse or your children if your mother is still named on the retirement plan or life insurance she will receive the proceeds. Your other heirs can protest but by law it belongs to the named beneficiary.
Divorce gets listeners in trouble in more ways than I am going to discuss right now "
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I recently saw an old friend for the first time in many years. We had been Ph.D. students at the same time, both studying science, although inRead more