Beneficiary Designations
Discover how beneficiary designations transfer assets directly to loved ones, bypassing probate. Learn about updating designations and avoiding common mistakes.
How often should I update my beneficiary designations?
Review your beneficiary designations annually and after major life events like marriage, divorce, births, or deaths in the family. Many people forget to update these forms after life changes, which can result in assets going to unintended recipients like ex-spouses or deceased relatives. Financial institutions typically don't remind you to update beneficiaries, so setting an annual calendar reminder helps ensure your designations reflect your current wishes and family situation.
