When do you need to update your beneficiary information?

You worked hard and saved enough for your retirement and for the benefit of your family. You plan your estate and keep it current. But one area many of us forget to keep updated is our beneficiary information. Even with a fully executed estate plan, it takes time to go through some required processes after your death. If you have your beneficiary documents updated it may help your loved ones to tap onto your assets much faster.

Among the institutions and financial assets that you need to keep beneficiary information current includes banks, credit unions, brokerage account, IRA, 401k or 457 Deferred Compensation Plans, pensions and others. Many of us access these facilities online and having access information available to the beneficiary may help if you become incapable of handling financial matters.

Many other life changing events also warrant updating of beneficiary information. If you get divorced, a child is born or died, you get married, death of spouse, or your estate plan has changed; it is time to visit your beneficiary designation. When you fill out your beneficiary designation, make sure to fill it completely, correctly and file promptly. Delaying may cause unnecessary headaches for your loved ones after your death or disability.