This is as good a time of year as any to update your beneficiaries!

[A HERETIC I AM]

Tax time is the one time of year that more IRA's are opened than any other. Since IRA's require a beneficiary to be named, it is important to make sure that ALL accounts that you might have where a beneficiary is named are up to date.

As we get older, it is quite possible that you may have 2 or 3 401(k)'s, several IRA's, Life Insurance Policies, Annuities, etc.

It is a good habit to make sure that all of the various accounts name the proper beneficiaries. Things change over the years, and a Beneficiary you named 25 years ago on an old 401(k) you still have may not be the person you want to get the money!

People pass away, kids and grand kids are born, divorces happen, marriages happen, etc. etc. etc.

I have seen several instances where there were multiple accounts, ALL with different beneficiaries.

Check those old accounts, folks. make sure they name who you really want to be named.

[progree]

1. And people should realize that the beneficiary form overrides their will

So if someone has a wonderful super-professionally produced and ultra-up-to-date will, and their beneficiary form is out of date, well tough-shitsky, the assets for that account go to the beneficiary on the beneficiary form for that account.

[A HERETIC I AM]

2. Exactly correct.

As I said, things change. Money makes people do strange things and families that think they will all get along, find out to their dismay that someone they don't expect is getting a large chunk of change.....

Empires have been lost over less!!

[SheilaT]

3. I keep on hoping my ex has never updated his beneficiaries,

meaning I'd benefit enormously if he dies.

I honestly doubt his second wife has let him do that. Not update, that is.