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Have you been patting yourself on the back because you have an estate plan? It feels good knowing that you have done all you can to prepare for what is to come.
As a part of your comprehensive estate plan, your attorney probably explained the importance of completing your beneficiary designations on life insurance policies, bank accounts, pension plans and the like. Whether you set up your estate plan a decade, three years or six months ago, let this serve as a reminder to verify that you designated primary and secondary beneficiaries and that you should recheck your designations on a periodic basis.
The best thing to do is to get in the habit of checking your beneficiary designations on a regular basis. You will need to review your designations immediately if there is a triggering event, such as a:
You may have heard stories about family members not receiving inheritances due to one mistake or another. A recent news article explained three unfortunate incidents that could have been easily avoided:
If you have not yet named your beneficiaries, your circumstances have changed or you are not sure who your beneficiaries are, follow up as soon as possible.