Generally speaking, your will does not dictate who gets your retirement assets, annuities, or insurance policy pay outs. Instead, the beneficiary designation form you filled out years ago on your first day of work or on the first day you bought your policy will control - even if your will was executed more recently.
The sad fact is that many people complete the beneficiary designation form once at creation and then promptly forget about it. Yet, life happens - children are born, marriages dissolve, relationships fracture or blossom anew, loved ones tragically pass away. And with each of these changes comes a need to update your beneficiary designations.
After all, you wouldn't want your ex-spouse to profit from your death, would you? You wouldn't want the proceeds from your insurance policy to needlessly be tied up in probate because you forgot to update your beneficiary designation form when your beloved Aunt Susie died, would you?
This is why it is imperative that you periodically conduct an audit of your beneficiary designations to make sure these accounts are inline with the rest of your estate plan.
Contact us today to schedule your beneficiary designation audit or to conduct a full audit of your existing estate plan!
Reference: USA Today - Your Ex Could Get Rich if You Don't Update Your Beneficiaries