elderly estate planning client in wheelchair with beneficiary

The Importance of Updating Your Beneficiaries

You’ve crafted an estate plan and think you’re all set. But when was the last time you updated your beneficiaries? Failing to do so can lead to unintended consequences, sometimes overriding even your will. 

Here’s why keeping beneficiary designations up to date is crucial.

  • Life Changes: Marriage, divorce, birth, and death are life events that should trigger a review of your beneficiaries.
  • Asset Shifts: Significant increases or decreases in your assets should also prompt an update.
  • Tax Implications: An outdated beneficiary could result in unfavorable tax consequences, impacting the amount that your loved ones ultimately receive.
  • Avoid Probate: Assets with designated beneficiaries often bypass probate, making it easier and quicker for your loved ones to access them.

Your estate plan is a living document that should evolve with you. 

Regularly reviewing and updating your beneficiaries ensures that your assets go to the individuals you intend in the most efficient way possible. If you’re unsure where to start, we can guide you through the process, ensuring that your estate plan reflects your current wishes and circumstances. 

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.

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