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Five Important Estate Planning Documents: Beneficiary Designations

by Norris Law Group on October 28, 2014

Five Important Estate Planning Documents: Beneficiary DesignationsFor those who are young and healthy, estate planning is typically not high on the list of priorities. There are things to do, people to see, life to be lived! This is absolutely true; life is indeed for the living. But sometimes, life intervenes—or even ends. Consider the story of Paul Walker. He could have been described as “having it all:” a successful career, movie-star good looks, a fast-paced life full of fun and adventure, and a loving family, including a beautiful teenage daughter. In an instant, this was all taken from him at age 40.

But Paul Walker was organized. He had previously set up beneficiary designations, as recommended in an October 2014 article on CNBC.com.  If you have ever filled out paperwork to start a retirement account or an insurance policy, it’s almost certain that you had to include the names of the people whom you would like to receive the benefits of these plans upon your passing. These people are your beneficiary designations.

Think about whether your life may have changed since you filled out these beneficiary designations. Have you had more children? Have you gotten divorced or married? If any of these situations has occurred, you may need to update your beneficiary designations. Contact your benefits office at work or the companies that administer your insurance policies or retirement plans for more information. It’s a good idea to do so sooner rather than later so you can ensure that the relationships among your loved ones will be preserved and protected, even after you’re gone.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

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