- Published: Thursday, 19 December 2013 11:12
One of the most important things people can do after a major life event – a marriage, a divorce, a new baby, etc. – is to update their beneficiary designations, and indicate who should get the assets in various accounts if they should unexpectedly pass away.
A new decision from the U.S. Supreme Court makes this very clear, and shows what can go wrong when people forget.
Beneficiary designations apply to pensions, 401(k) plans, life insurance policies, brokerage accounts, IRAs, bank accounts and more. Keeping them updated is a critical part of financial and estate planning.