So often people create wills and trusts without thinking about who is named beneficiary on their life insurance, IRA, 401ks, annuities, and other payable on death assets. It’s so very important for many reasons including:
– You may have former spouses named;
– You may have had more kids;
– Companies lose the forms;
– You may never have completed a form;
Plus keep in mind the default provisions for these assets can be widely different. Some pay to the decedent’s estate which means a big probate. Others may pay to a set person (i.e. your spouse or your children) and that might not be your desire.
Check your beneficiary designations and make sure they are right!