The dawn of a new year is the ideal time to review your various financial accounts and make sure that your beneficiaries are updated. Changes may have occurred during the previous year such as marriage, divorce or the birth of children which could impact who you would like to name as beneficiaries.
Why is it important to keep your beneficiaries updated? Beneficiaries of your accounts receive funds before the distribution of any assets named in your will. In other words, beneficiary designations on your account override your will.