Importance of Beneficiary Designations

Written by Natalie C. Lashway |

Wedding Photo | Farr Law | Punta Gorda Florida (image)When we experience big life changes like marriage, birth of a child, divorce, or loss of a loved one, one of the last things we may think about is changing the beneficiary of our life insurance or retirement accounts.  Nonetheless, this is a critical item to keep in mind. This article is a good reminder to all to check the beneficiary designations on your IRA and other accounts: click here. It is very important to ensure that your listed beneficiary is indeed who you want to inherit the funds.

Please consult with an attorney before changing a beneficiary designation during a divorce, however. Some courts may have a standing order that prohibits changing beneficiaries during the divorce.