Let’s look at an example of why beneficiary designations matter:
Example: You list your sister as beneficiary before you had a child. You should update your designations after you have your child, if you intend that your child solely inherit your estate.
Example: You have children from both a current and prior marriage. Consider all options. For instance, you may designate the older children as beneficiaries of a life insurance plan, but leave your probate assets to the younger children. Here, while the beneficiary designations would not match the Will, they are still in line with your intent.
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