Update Your Beneficiary Designations When Life Changes

September 25, 2013 2:04 PM
Update Your Beneficiary Designations When Life Changes
" BOSTON (CBS) – Beneficiary designations are unique in that upon your death the assets pass to the named individuals and they bypass the will or 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.

Whenever there is a life event such as a marriage, divorce, death, or a birth you need to review and update the beneficiary designations on your various accounts.

You should also 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.

If you named your spouse as the beneficiary on your IRA or other retirement plans and you have divorced and have not changed the beneficiary designation and again something should happen to you, your new spouse or children may not receive any of the benefits.

Life insurance policies "

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