Are Your Beneficiaries Updated?
This is one of the easiest, most powerful legacy steps.
It’s open enrollment season for many, which means this is a time we review and refresh our employer benefits. This is also a perfect time to revisit any beneficiary designations on your accounts.
Reviewing beneficiaries is one of the most overlooked—but impactful—steps in legacy planning. Whether it’s life insurance, retirement accounts, or investment portfolios, ensuring these designations are accurate not only safeguards your loved ones but may also allow your assets to bypass probate (a lengthy legal process triggered after death).
Typically, beneficiary designations take precedence over the terms of your will. That means that even if your will is perfectly crafted, outdated beneficiary information could still lead to unintended outcomes.
Fortunately, updating beneficiaries is often quick and simple, and a great way to align your plan with your current intentions.
Make it a habit to review your beneficiaries on all accounts every 1–2 years or after major life events, such as marriage, divorce, births, deaths, or significant financial changes.
Life changes. Relationships evolve. Families grow, and circumstances shift. Regularly reviewing your designations ensures your assets are directed where they’re truly needed and honors the legacy you’ve worked so hard to build.
