David Whittaker, Attorney at Law

Serving Davidson & Williamson Counties

  • Home
  • Attorney Profile
  • Probate
  • Real Estate Litigation
  • FAQ
  • Contact Us
  • Call Today
  • Email Us
  • Our Map
  • Menu

Call Today: 888.492.4735

Importance of Updating Beneficiary Designations

Nashville Blog 2016 August Importance of Updating Beneficiary Designations
Previous Post  |  Next Post

Importance of Updating Beneficiary Designations

Posted By David Whittaker, Attorney at Law || 24-Aug-2016

With life being as unpredictable as it is, there is one thing that we can all count on – life is constantly changing. No matter how well you plan for life’s events, there is much that is out of your control. Things such as marriage, the birth of a child, death, and divorce can drastically change your life in the blink of an eye.

You can be in what you thought was the happiest of marriages, only to learn that your spouse fell in love with someone else and wants a divorce. Before you know it, you’re selling your marital residence and perhaps even getting a new job in another part of town.

Or, you may have never planned on having children but you meet someone special and before you know it, you’re welcoming a new baby to your family, and now you have your spouse and child’s financial security to think about.

Since life is ever-changing, it’s critically important that your estate plan reflects these changes. If you simply place your estate planning documents in a file drawer or on a shelf and forget about them, by the time you need them your beneficiary designations may be out of date.

When should I change my beneficiary designations?

Generally, you should review, if not change your beneficiary designations whenever you experience a major life event, such as a birth, a divorce, a death in the family, or a falling out with a beneficiary, such as a child, a sibling, or a close friend.

If you have a beneficiary designated and something happens, for example, you get a divorce, or there is a death in the family, you should not wait to update your life insurance policy, your bank account, or your will. If you fail to make these necessary changes, your assets can be distributed in a matter that is not according to your wishes.

You should review your beneficiary designations whenever the following changes occur:

  • You get a divorce
  • You adopt a new child
  • You welcome a new baby
  • A grandchild is born
  • There is a death in the family
  • One of your beneficiaries die
  • A minor beneficiary turns 18
  • You have a falling out with a beneficiary
  • You move to another state or country
  • You begin to take care of elderly parents

Has it been a long time since you took a look at your designated beneficiaries? Have you divorced, remarried, or welcomed a child since you last updated your beneficiaries on your life insurance policies, retirement accounts, and bank accounts? If so, you want to review and update them as soon as possible.

If you neglect to update your beneficiaries and they are out of date and something happens to you, your assets can go to the wrong people. This can be very frustrating for your survivors, and that is not how you want to leave the ones you love.

As a general rule, you should review your beneficiary designations once a year, or whenever you experience a change in your family’s status.

Need a Nashville estate planning attorney to help you update your beneficiary designations? If so, contact me, David Whittaker, Attorney at Law for the legal guidance you need!

Categories: Beneficiary Designations, Estate Planning

Share Post

Contact Us Today

Send My Information

Probate

How Can We Help You?

  • Change of Beneficiary
  • Conservatorship
  • Cost of Probate
  • Estate Administration
  • Estate Litigation
  • Estate Planning
  • Fiduciary
  • Inheritance Rights and Disputes
  • Probate Administration
  • Probate Litigation
  • Trust
  • Wills
  • Real Estate Litigation
  • Areas We Serve
  • Home
  • Site Map
  • Privacy Policy
  • Contact Us

Follow Us

David Whittaker, Attorney at Law

Call Today: (888) 492-4735

David Whittaker, Attorney at Law - Nashville Probate Attorney
1616 Westgate Circle, Suite 127, Brentwood, TN 37027 View Map
Call Today: (888) 492-4735
(615) 289-6284
Website: http://www.attorneydavidwhittaker.com/
© 2020 All Rights Reserved.
Internet Marketing Experts The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.