Make This Estate Planning Move Now

Many plan their finances for the years ahead, but don’t remember to update their estate plan. This mistake can greatly affect the future of loved ones and cause big problems.

Remember to check the beneficiary designations of your bank accounts, brokerage firm accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities and 529 college accounts. Life changes, and you must adjust your estate plan to match.

Designating individual beneficiaries is the favored way to organize things and it will avoid probate. Also, don’t think your will is going to fix old beneficiary designations. It is recommended that a person checks their designations at least one time a year.

To read more about updating your estate plan, visit Smart Money.