Always designate a contingent beneficiary
What happens if your designated beneficiary does not survive you, or passes shortly after? It is important to name a contingent beneficiary as well. This is the person who will receive a primary beneficiary’s share if they are unable to claim it on their own. Keep these individuals updated as well to ensure there is always someone trustworthy in line for the assets.
Major life change? It might be time to update
Whenever you change your will, or a major event in life occurs, think about the need to update your estate planning documents. For example, when a child marries, you may wish to leave behind some assets for their spouse or their children. An update to tweak the beneficiaries will be necessary in cases like these. Less happy events, such as deaths and divorces, also call for an update.
At the end of the day, what is most important is keeping your estate plans consistent and coherent. Probate courts see endless disputes and lawsuits that center around unclear wills or incorrectly named beneficiaries. To prevent that from happening to your estate, it’s worth the time to ensure everything lines up with your expectations.
