Wills and Estate Planning

Keeping Your Beneficiaries Current

It is important to keep beneficiary designations updated. A variety of life changes may impact who you need to have as your beneficiary, from a new marriage to divorce and even death.

Estate Planning Basics: The Importance of Updating Your Beneficiaries

Life is ever-changing. Things such death, marriage, having a child, divorce, and other events can drastically change your life in the blink of an eye. For this reason, it's important that you regularly review your will and life insurance policies to ensure that your beneficiary designations are up to date.

Do I need to change my beneficiary?

The decision of changing beneficiaries depends on many different factors and your individual life/financial situation. The most important thing to remember is that you shouldn't wait to make updates and changes to your will or life insurance policy. If you do, your assets may not be distributed as you may have wished.

Common reasons for changing designated beneficiaries include:

  • The birth or adoption of a new child
  • A new marriage
  • A divorce
  • A death in the family
  • A designated beneficiary dies
  • A move that takes you out of state or out of the country
  • When a minor beneficiary reaches the age of 18
  • You become the caretaker of an elderly parent or parents

It is crucial that you keep the information regarding your beneficiaries up to date to ensure benefits are paid according to your desires. By not naming a beneficiary or having a designated beneficiary die before you do, your benefits may go to your estate and not to those who may need it the most.

For more information on estate planning, wills and trusts, visit the Protective Estate Planning Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Beneficiaries

When it comes to estate planning, life insurance, wills and trusts, it's important to regularly review your beneficiaries. This article can help you understand the importance of keeping your beneficiaries updated so that you can ensure that those you love will be taken care of long after you are gone. For more information, visit our learning center.

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