Changes in Your Life? Don’t Forget to Update Your Beneficiary Designation!
During one’s lifetime, we often experience a change in marital status, become parents, uncles, aunts or grandparents. When these events happen, one consideration is how to take care of our loved ones when we pass. In doing so, you may have life insurance policies, 401K plans, retirement plans, and other pay on death benefits.
These are all ways in which you can save for the future and take care of your loved ones. But, if at any given time the circumstances in your life changes such as you get divorced or married, you have more children, or you obtain more assets, you will probably need to make changes in your estate plan and beneficiary designations. Otherwise, at your death, your assets may not pass in the manner you would have intended.
It is important for you to conduct a periodic review of all your assets and estate plan to confirm that your planning is in line with your present life circumstances. Here at Chauvel & Glatt, we will help you understand what changes are necessary based on the changed circumstances in your life and ensure that your assets will go to the desired beneficiaries. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.