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When Is a Good Time to Update Your Beneficiaries

Life is unpredictable. It’s hard to know when significant life changes may happen. Naming a beneficiary on your life insurance, bank accounts, and retirement funds protects your assets and ensures they are directed to the people of your choosing. Additionally, confirming that your beneficiaries are updated regularly makes sure your beneficiaries will have a smooth and easy process upon your passing.

There are many reasons to update your beneficiaries regularly moving forward:

#1: When You Open a Financial Account

When you open a new financial account, whether a checking account, life insurance, or retirement benefits account, naming a beneficiary should be one of your top priorities. Doing so ensures that your money, funds, and benefits will go to the person you want without any headaches or delay. Opening any new financial accounts is a great time to review your beneficiaries and make sure they are up to date.

#2: Significant Life Events

Sometimes, major life events can alter who your beneficiaries are or give you the need to update them. After a significant life event, ensuring that your beneficiary information is updated and correct is crucial. Significant life events include:

  • Birth of a child

  • Adoption

  • Marriage

  • Divorce or dissolution of a marriage

  • Death in the family

#3: Contact Information Has Changed

Over time, your beneficiary’s contact information may change. Reviewing your beneficiary’s information is important in ensuring that your beneficiary can be contacted in the event of your passing. Make sure the names, phone numbers, email addresses, and physical addresses of your beneficiaries are updated regularly.

How Do You Update Your Beneficiaries?

The process of updating your beneficiary will depend on who your insurance or retirement plan is with. Generally, there is an online process that allows you to update. Check your organization’s website for more information Typically, there is an option to print forms and then email or mail them to the organization. Though this may take longer than online processes, it is still a secure way to update your beneficiaries.

Working With an Experienced Attorney

Updating your beneficiary information is important and will dictate the absolution of your assets upon your passing. We recommend that you speak with an estate planning attorney about making large decisions about your beneficiaries. Our legal team at can help you understand how updating your beneficiaries on your insurance and financial accounts will affect your will and estate. We can help you make sure you are making the right decisions and plan for an uncertain future smoothly.


Contact us at (972) 560-6288 to see how we can help you plan your estate and update your beneficiaries.

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