Some assets, such as retirement accounts, life insurance policies, and certain financial accounts, are distributed based on beneficiary designations. Those designations determine how the asset is distributed, regardless of what is written in a will.
These designations are often completed when an account is first opened, and they are easily overlooked as life changes. This can create situations where a plan that seemed clear on paper does not fully align in practice.
For example, a beneficiary designation made years ago may no longer reflect current relationships or priorities. If it has not been reviewed or updated, it may direct resources in a way that no longer aligns with its intended purpose.
An annual review of beneficiary designations is important to ensure your wishes are carried out as intended.
We are here to help with these questions. For specific decisions, we encourage you to consult a qualified attorney or financial advisor, or we would be glad to connect you with someone if needed. Visit our Legacy website to learn more about Beneficiary Designations.
If you still have questions, give us a call.