It is important to keep track of your beneficiaries. One of the common mistakes are not keeping track or forgetting to update your beneficiary.
Let's face it we are already so busy with our lives that we forget to update information. Don't leave these important matters to be unattended.
Tip When to Change Your Beneficiary
It’s a good idea to update your beneficiaries when your life changes. That way your retirement savings,
life insurance, and other assets will be passed on to the right people. When you get married or divorced,
or when you adopt or have a child, update your beneficiaries. Review your life insurance beneficiary
information periodically, e.g. once a year, to make sure you have the right people named.
You may not be able to change your beneficiary if you have an irrevocable beneficiary designation. You
might choose this type of designation if you want to make sure the right person gets the benefit. A
revocable beneficiary designation, on the other hand, can be changed.