Generational Wealth · 6 min
Beneficiaries: The Overlooked Step
The fastest estate-planning action most people have never taken.
Retirement accounts, life insurance policies and many bank accounts pass by beneficiary designation. That designation often overrides what a will says.
Designations go stale after marriages, births, separations and deaths. Reviewing them annually costs nothing.
For anything beyond a simple review, work with a licensed attorney or estate professional.
Key takeaways
- Beneficiary designations can override a will.
- Review them yearly and after life changes.
- Complex situations need licensed counsel.
Knowledge check
Which commonly passes by beneficiary designation rather than by will?
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