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Changing Your Beneficiaries

Changing Your Beneficiaries

November 01, 2021


Even after your estate planning is complete, it's important to keep your beneficiaries updated and change them as necessary. Updating your beneficiaries listed throughout your estate plan can help ensure no one loses out on assets due to a small oversight. This is why it's important not only to change beneficiaries but also to let them know about the changes.

Changing Your Beneficiaries

If you do decide to change your beneficiary, we recommend choosing two or three people as potential beneficiaries and making sure they know their responsibilities before you complete the process.

If you're in the process of changing your beneficiaries, here are a few places to check:

  • Bank accounts
  • Wills
  • Trusts
  • Retirement accounts
  • Insurance policies
  • Home deeds
  • Pension plan

When You Should Change Your Beneficiaries

A good rule of thumb is to look at your beneficiaries every four to five years or when major life events happen. Changing your beneficiaries isn't something you should have to do regularly, but it is a good idea to keep them up to date as much as possible. This includes updating beneficiary contact information as you'll want to make sure someone can get in touch with your beneficiaries if they need to.

You might also consider changing your beneficiaries if they become disabled or unable to act on their behalf, they're deceased or you no longer feel your assets should go to them.

Forgetting to change your beneficiaries and keeping their information updated could result in your assets not going to the correct people or having discrepancies in your estate plan.

If you need to change who your beneficiaries are or want to make sure your current beneficiaries are up to date, contact the office.

This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.