Owm Newsletter – January 2020 – Estate Planning: Why You Need To Check Your Beneficiary Designations

Many people periodically update their wills or other estate plans, but do not update their beneficiary designations on non-probate assets such as life insurance or retirement accounts (such as IRAs and 401(k)s). You should review your estate plan with an attorney every two to three years because all estate plans require on-going maintenance. In particular, a change in your family, an increase in your net worth, a change in your health, or a change in the tax law could significantly impact the effectiveness of your plan. When reviewing your estate plan, you should also review your beneficiary designations to make sure the designations are not outdated.

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