Sacramento attorney, Jack Johal writes about the need to review your beneficiary designations.
Many people procrastinate when it comes to establishing estate plans and sometimes little thought is given to a retirement account once it has been set up. Oftentimes people will create an estate plan and file away the documents only for them to never see the light of day for decades.Have you checked your beneficiary designations recently? If not, there is a chance that one or more of your beneficiaries may not be who you think they should be. This is especially the case if you have divorced, remarried, or had children since you set up your beneficiaries.Some people have a tough time getting around to writing a will and have just as much trouble updating their beneficiary designations. It’s not that it’s a difficult process, but one that is commonly overlooked. Your retirement accounts in particular are not governed by the provisions of your will, so it’s especially important to keep these updated.