A beneficiary designation supersedes a will or trust about how to distribute an asset. Many people make the mistake of assuming the opposite: that their will or trust overrides beneficiary designation forms.

A beneficiary form that is not up to date can result in assets not passing to the correct beneficiaries. An estate plan should be regularly updated to account for major life events such as divorce, marriage, birth or adoption of a child or grandchild, loss of a spouse,  child, or other beneficiary, moving assets to a new account, and a plan administrator changing. Changing your mind about your overall estate plan is another time to consider switching beneficiaries. It is prudent to check designations every three to five years even when you think nothing has changed.

A beneficiary designation cannot be changed after you are gone. Schedule an appointment to learn more.