
When Is the Last Time You Reviewed Your Beneficiaries?
Who are the beneficiaries of your financial accounts, retirement funds, and assets? One crucial step in creating a will or trust is to choose the heirs who will receive the value of these funds after you are gone. Therefore, knowing your beneficiaries is an essential step of the estate planning process.

Once the legal documentation is in place and you have beneficiaries listed, it is wise to mark your calendar to review beneficiaries again in the future.
Why Should You Review Your Beneficiaries?
You want to make sure that your remaining retirement plan and/or life insurance is given to the family, people, or organizations you intended.
Life circumstances can change over time, and sometimes people want to change their beneficiaries. For example, maybe one of your beneficiaries is a charitable organization you helped in the past. But your priorities change, and you prefer the funds to go to a new organization that you are more involved with now.
Or, if you have a change in marital status, changing the beneficiary information might get lost in the many other papers you are managing at the time.
Best Timing to Review Beneficiaries
Reviewing your beneficiaries is something that should always happen when major life events occur:
- Marriage
- Divorce
- Birth of a child
- Adoption
- Death of spouse
Additionally, it is good to review these details every few years in case other life details have changed since you named the original beneficiaries.
It only takes a few minutes to review your beneficiaries and ensure that the details still match your current wishes. If you have questions about this process, you can reach out to a financial advisor for more information and advice.
Who Are Your Beneficiaries?
Most accounts will allow you to set primary and secondary beneficiaries for your policies. Choose the people or organizations you care about the most.
If you need help choosing beneficiaries, organizing a trust, or any other future-planning services, Bulman Wealth Group is just a phone call away. We provide comprehensive financial planning services. We would love to answer your questions! Contact us to book a consultation so you can learn more about available services.