Have you recently switched jobs or had another major change in your life? Beneficiary designations on these forms are extremely important for how the courts will interpret who is eligible to take over these accounts and reap the rewards after you have passed away.
Outlining in your will that you intend for someone to receive benefits of your retirement account after you are gone, does not go far enough to protect the interests of your beneficiary. The company managing the account has the ability to supersede this based on what is included on their beneficiary designations. If you’ve recently changed jobs and are rolling over your retirement accounts anyways, this is a good opportunity to ensure that all of your beneficiary designation forms are appropriately completed and list who you intend to have the account if something happens to you.
Since many people go through life changes such as the birth of a child, a marriage, a death in the family and more, these beneficiary designations should be reviewed at least on an annual basis, because there is a strong chance that something may have occurred in your life during that time period to promote and update to your existing estate planning materials.
Schedule a consultation with an estate planning lawyer today to figure out how your documents, like you will, work in conjunction or need to be created distinctly from other tools like beneficiary designations.
