Updating beneficiary designations is an important aspect of estate planning that is often overlooked. A beneficiary designation is a legal document that specifies who will receive the assets in your retirement accounts, life insurance policies, and other accounts that have a beneficiary designation when you pass away.

When you retire, it’s important to review your beneficiary designations to ensure that they reflect your current wishes. If you fail to update your beneficiary designations, your assets may be distributed to someone who you no longer wish to receive them, or worse, the assets may end up in the hands of someone who you never intended to receive them.

Here are a few things to keep in mind when updating your beneficiary designations:

1. Review all your accounts: Make sure to review all your retirement accounts, life insurance policies, and other accounts that have a beneficiary designation. It’s important to ensure that your beneficiary designations are up to date on all accounts.

2. Consider tax implications: When naming beneficiaries, it’s important to consider the tax implications of your choices. Certain beneficiaries may be subject to higher taxes than others, so it’s important to understand the tax implications of your choices.

3. Think about the future: When updating your beneficiary designations, it’s important to think about the future. You may want to consider naming contingent beneficiaries who will receive the assets if your primary beneficiaries pass away before you do.

4. Seek professional advice: Estate planning can be complex, so it’s always a good idea to seek professional advice. An estate planning attorney can help you ensure that your beneficiary designations are up-to-date and reflect your current wishes.

Updating your beneficiary designations may seem like a small task, but it’s an important one. By reviewing your beneficiary designations regularly, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you pass away.

Work with an Experienced Corning Estate Planning Attorney
At Roth Elder Law, PLLC, we help our clients with all the important aspects of estate planning, including making beneficiary designations required for an effective estate plan. If you’d like to work with us, Roth Elder Law, PLLC would be happy to start that conversation. Call us today to schedule an initial meeting at 607-962-6162or complete this intake form and we’ll be in touch.