Wills, Trusts & Probate
That's All We Do
Comprehensive Guide to Beneficiary Designations and Asset Transfers
Navigating beneficiary designations is a key element of thoughtful estate planning for residents of Rolling Hills Estates. These designations determine who receives assets such as retirement accounts, life insurance policies, and payable-on-death bank accounts after you pass. When beneficiary forms are accurate and aligned with your overall plan, they help avoid delays and reduce the likelihood of disputes among heirs. This introduction explains why reviewing and updating beneficiary designations matters, how they interact with wills and trusts, and what practical steps you can take to keep your designations current as life circumstances change.
This guide is intended to help Rolling Hills Estates residents understand how beneficiary designations fit into a complete estate planning approach. Many accounts transfer outside of a will through beneficiary forms, which can streamline distribution but also create unintended outcomes if left outdated. By explaining common types of beneficiary designations, the review process, and ways to coordinate forms with other estate documents, this content aims to offer clear, practical information to help you preserve your intentions and protect your family’s financial future.
Why Beneficiary Designations Matter in Your Estate Plan
Beneficiary designations are a powerful planning tool because they often allow specific assets to pass directly to named recipients outside the probate process. That direct transfer can speed distribution, reduce administrative costs, and help ensure assets reach intended individuals or organizations. Regular review of beneficiary forms prevents outdated names, broken marital assumptions, or accounts tied to previous relationships from overriding current wishes. Thoughtful coordination of beneficiary designations with wills, trusts, and account ownership provides clarity and reduces the risk of family disputes, unintended beneficiaries, and delays in accessing funds when loved ones need them most.
About LA Estate Plans and Our Approach in Rolling Hills Estates
LA Estate Plans serves the Rolling Hills Estates community with practical, client-focused estate planning services, including careful review and management of beneficiary designations. Our team emphasizes clear communication, attention to detail, and coordination of account forms with wills and trusts so that your intentions are documented and supported across all instruments. We help clients identify potential conflicts, name appropriate contingent beneficiaries, and craft designation strategies that reflect family dynamics and financial goals while complying with California law. Our approach centers on responsiveness and helping clients feel confident in their plans.
Understanding Beneficiary Designations and How They Work
Beneficiary designations are instructions you give to financial institutions or insurers specifying who should receive particular assets at your death. These instructions typically take priority over provisions in a will or trust for the accounts they cover, which makes accuracy and regular review essential. Common accounts with beneficiary forms include IRAs, 401(k)s, life insurance policies, and payable-on-death bank accounts. Because designations operate outside probate in many cases, they are effective for direct transfer but can also create unintended consequences if not updated after life events such as marriage, divorce, births, or account changes.
Managing beneficiary designations requires gathering account information, confirming current forms on file, and coordinating designations with broader estate planning documents. It is important to identify primary and contingent beneficiaries, specify clear allocation percentages when multiple beneficiaries are named, and document any special conditions such as trust designations. Periodic reviews help align designations with evolving circumstances and ensure that beneficiary language at financial institutions mirrors your wishes. Proactive management reduces confusion, lowers the chance of disputes, and helps preserve the intended distribution of assets.
What Beneficiary Designations Mean and Why They Override Other Documents
A beneficiary designation is a formal directive you complete with a financial institution or insurance company that names who should receive an asset on your death. These forms are legally binding for the specific account, and they generally take precedence over wills and certain trust provisions for those assets. Because of that priority, it is essential to ensure designations match your current intentions. Designations may include individuals, multiple beneficiaries with percentage splits, trusts, or charitable organizations, and they should be reviewed after events such as marriage, divorce, births, or changes in asset ownership to prevent unintended distributions.
Key Elements and the Process for Managing Beneficiary Designations
The process of managing beneficiary designations includes identifying all accounts with beneficiary forms, verifying the forms on file, naming primary and contingent beneficiaries, and confirming allocation percentages when multiple recipients are named. Important elements also include deciding whether to designate an individual or a trust, coordinating designations with your will and other estate documents, and updating forms after major life changes. Accurate recordkeeping and periodic review reduce the risk of conflict and ensure that financial institutions hold up-to-date instructions that reflect your intentions for asset distribution.
Key Terms and Glossary for Beneficiary Designations
Familiarity with common terms used in beneficiary designations helps you make informed choices. This glossary covers the primary beneficiary, contingent beneficiary, payable-on-death and transfer-on-death designations, and other frequently encountered concepts. Understanding these definitions clarifies how assets transfer outside probate and the ways in which designations interact with wills and trusts. Reviewing these terms will help you communicate your intentions more precisely to financial institutions and ensure that the forms you complete accomplish the outcomes you expect for your heirs and loved ones.
Primary Beneficiary
A primary beneficiary is the person or entity first entitled to receive the proceeds of a designated account or policy when the account holder dies. This designation determines who receives the asset immediately upon the account holder’s death unless the named primary beneficiary has predeceased the account holder or has otherwise disclaimed the inheritance. It is common to name both a primary and one or more contingent beneficiaries so that a clear distribution path exists, reducing the chance that the asset will pass into probate or be subject to unexpected allocation.
Payable-on-Death (POD)
A payable-on-death account, often abbreviated POD, is a type of bank or financial account set up so that funds transfer directly to a named beneficiary when the account holder dies. This designation is designed to bypass probate and provide a quicker distribution to the beneficiary. POD designations are straightforward to set up at most financial institutions, but they should be reviewed periodically to ensure that beneficiary names, account information, and intended recipients remain accurate and reflect current family or financial circumstances.
Contingent Beneficiary
A contingent beneficiary is the backup recipient named to receive an asset if the primary beneficiary cannot accept the inheritance, either because they predeceased the account holder or they decline the inheritance. Naming one or more contingent beneficiaries helps prevent assets from defaulting to probate or passing to unintended heirs. Contingent beneficiaries provide an extra layer of certainty, and thoughtful selection of these individuals or entities can address scenarios such as multiple generations, minors, or beneficiaries with special financial needs.
Transfer-on-Death (TOD)
A transfer-on-death designation, or TOD, applies to certain assets such as securities and in some states to real estate, allowing ownership to pass directly to a named beneficiary upon the owner’s death. Like POD accounts, TOD arrangements can avoid probate for the designated asset. TOD designations must be completed according to the rules of the holding institution and state law, and they should be coordinated with other estate planning documents to ensure that the intended transfer does not conflict with broader distribution plans.
Comparing Options for Naming Beneficiaries and Account Strategies
When naming beneficiaries, you can designate individuals, multiple recipients with percentage splits, trusts, or charitable organizations. Each option affects the timing and control of distributions, tax consequences, and the ease of transfer. Naming an individual typically results in a direct transfer, while naming a trust can provide ongoing management or conditions for distribution. Charitable beneficiaries may offer tax advantages for your estate. Evaluating these choices in light of family dynamics, asset types, and financial goals helps determine the most appropriate path for each account and ensures consistency across estate documents.
When a Simple Beneficiary Designation Strategy May Be Adequate:
Straightforward Family Situations
A more limited beneficiary designation approach often works well for individuals with simple family structures and few assets. When accounts are few and beneficiaries are clear and uncontested, naming primary and contingent beneficiaries directly on account forms can accomplish your goals without additional trust structures or complex arrangements. This straightforward method reduces paperwork and administrative overhead while still allowing assets to transfer promptly to chosen recipients. Periodic review remains important even for simple plans, to account for changes such as new family members or account openings.
Low Asset Complexity
If assets consist mainly of uncomplicated accounts and policies that have clear beneficiary designation options, a limited approach is often sufficient. Simpler holdings reduce the need for trusts or layered strategies, and direct beneficiary designations can provide a clean transfer mechanism. The key is ensuring that forms on file at financial institutions match your current intentions and that contingent beneficiaries are named to avoid probate if primary beneficiaries are unable to accept. Even with low complexity, routine checks are essential to prevent unintended outcomes.
Why a Comprehensive Beneficiary Designation Strategy May Be Advisable:
Blended Families and Complex Relationships
In blended families or situations with complex relationships, a thorough beneficiary designation strategy can help make sure assets pass according to your wishes. Multiple marriages, stepchildren, and competing expectations can create situations where a simple designation leads to disputes or unintended recipients. A comprehensive plan coordinates beneficiary forms with wills and trusts, uses contingent beneficiaries carefully, and may involve trust designations to provide instructions for how assets should be managed or distributed over time, offering greater clarity and protection for all parties involved.
Significant Assets and Tax Considerations
When substantial assets are involved, a detailed beneficiary strategy helps address tax considerations, creditor exposure, and the preservation of wealth for intended heirs. Careful planning can minimize avoidable tax consequences and structure distributions to protect assets from certain claims. In such cases, designating trusts as beneficiaries or staging distributions can provide control over timing and conditions for inheritance. Coordination with retirement plan rules and tax planning helps preserve more value for beneficiaries and aligns account designations with broader financial objectives.
Benefits of Taking a Comprehensive Approach to Beneficiary Designations
A comprehensive approach to beneficiary designations brings better alignment across estate planning documents, reducing the likelihood of conflicts and unintended distributions. It enables more precise control over how and when assets are distributed, such as naming trusts to manage assets for minor children or to provide staged distributions. Thorough coordination can also reduce probate exposure and streamline administration for beneficiaries. Regular reviews and updates keep the plan responsive to life events, changing accounts, and evolving legal standards, maintaining a coherent plan that reflects current wishes.
Comprehensive planning provides additional protections against disputes and administrative delays, supporting a smoother transition for beneficiaries. By clarifying contingent beneficiary designations and integrating beneficiary forms with wills and trust documents, the potential for conflicting instructions is minimized. This strategy can also incorporate provisions to address tax or creditor considerations, improve asset stewardship for future generations, and ensure that your legacy is handled in a manner consistent with your values and family needs over time.
Greater Control Over Distribution Timing and Conditions
A comprehensive beneficiary strategy lets you specify when and how beneficiaries receive assets, whether through immediate transfers or through trust arrangements that set conditions or timelines. This control can protect assets from premature spending, provide for long-term care of dependents, or ensure funds are used for education or other defined purposes. By aligning designations with trust provisions or staged distributions, you can guide how an inheritance supports beneficiaries’ needs while preserving the principal for future use when appropriate.
Reduced Legal Complexity and Potential Cost Savings
Coordinated beneficiary designations can lower the likelihood that assets will be tied up in probate or disputed, which can save time and reduce legal costs for heirs. Proper documentation and consistent instructions across financial institutions and estate documents simplify administration after death. When accounts transfer smoothly to named beneficiaries or to trusts designed to manage distributions, administrative burdens decrease and beneficiaries gain quicker access to resources intended for their care and support. This streamlined approach benefits both the estate and the heirs.
Practice Areas
Top Searched Keywords
- beneficiary designations Rolling Hills Estates
- beneficiary designation lawyer Rolling Hills Estates
- IRA beneficiary California
- payable on death accounts Los Angeles County
- transfer on death Rolling Hills Estates
- estate planning beneficiary forms
- contingent beneficiary designation
- update beneficiary designations CA
- LA Estate Plans beneficiary services
Practical Tips for Managing Beneficiary Designations
Review Beneficiaries After Major Life Events
After life changes such as marriage, divorce, the birth of a child, or the acquisition of new accounts, it is important to review beneficiary designations. These events can change who you want to receive assets and may render previously named beneficiaries inappropriate. Regular reviews help you avoid unintended distributions and ensure that your accounts align with your current estate plan. Keeping an updated list of accounts and their beneficiary forms helps streamline future reviews and reduces the risk of oversights that could complicate distribution at the time of your death.
Coordinate Designations with Wills and Trusts
Name Contingent Beneficiaries and Keep Records
Always name one or more contingent beneficiaries so that there is a clear fallback if a primary beneficiary cannot accept an inheritance. Keep detailed records of beneficiary designations, account numbers, and the institutions where forms are filed. Documentation makes it easier for loved ones to locate information when needed and helps prevent assets from becoming part of probate due to missing or outdated forms. Regularly updating contact information for named beneficiaries ensures efficient communication and transfer when the time comes.
Reasons to Review and Manage Beneficiary Designations
Reviewing beneficiary designations protects your intentions and reduces the likelihood of assets passing to unintended recipients. Life changes, such as marriage, divorce, births, or changes in financial holdings, can make prior designations outdated. Managing these forms in coordination with wills and trusts ensures consistency and can help avoid probate for designated assets. Proactive maintenance of beneficiary designations preserves family harmony, reduces administrative burdens on survivors, and can prevent delays when beneficiaries need access to funds.
Managing beneficiary designations can also address tax and creditor issues by directing where assets will land and whether they should be placed into mechanisms like trusts for protection or staged distribution. For larger estates or complex family situations, careful attention to beneficiary designations can prevent costly disputes and help preserve value for intended beneficiaries. Periodic reviews and thoughtful choices provide peace of mind, knowing that account transfers reflect current wishes and support broader estate planning goals.
Common Circumstances That Warrant a Beneficiary Review
Certain life events and financial changes commonly trigger the need to review beneficiary designations. Marriage or divorce, the birth or adoption of children, the death of a previously named beneficiary, changes in assets such as opening new retirement accounts or acquiring life insurance, and significant shifts in financial goals all call for a review. Additionally, changes in tax laws or family circumstances may affect how you want assets distributed, making periodic checks an important part of maintaining an effective estate plan.
Marriage or Divorce
Entering into or dissolving a marriage often changes your intentions for asset distribution and may affect beneficiary choices. Many people wish to include a spouse as a beneficiary upon marriage, while divorce may make prior designations inappropriate. Updating beneficiary forms after these life events helps ensure that assets pass according to current wishes and avoids unexpected inheritances. It’s important to check accounts and policies promptly after marital changes to keep designations aligned with your estate plan.
Birth or Adoption of Children
Welcoming a new child into the family typically prompts a reconsideration of beneficiary designations to provide for that child’s future. Parents often name children or trusts for their benefit as beneficiaries, and may also adjust contingent beneficiary selections. Considering guardianship and trust arrangements for minor children can ensure the child’s needs are met and that assets are managed responsibly until the child reaches an appropriate age. Regularly updating designations after such events protects the child’s long-term interests.
Acquisition of New Accounts or Assets
When you open new retirement accounts, purchase life insurance, or acquire other financial assets, it is essential to complete beneficiary designations for those holdings immediately. Failure to name beneficiaries can result in assets becoming part of the probate estate or passing under state intestacy rules. Promptly designating beneficiaries ensures that each asset transfers according to your plan and reduces the administrative burden on survivors. Keep a current inventory of accounts and beneficiary forms to simplify future reviews and updates.
We Are Here to Assist with Your Beneficiary Designations in Rolling Hills Estates
Why Choose LA Estate Plans for Beneficiary Designation Services
LA Estate Plans offers focused, client-centered assistance to ensure beneficiary designations are accurate and aligned with your overall estate strategy. Our team helps identify accounts with beneficiary forms, reviews existing designations, and recommends practical updates that reflect current family and financial circumstances. We emphasize clear documentation and coordination across wills, trusts, and account forms so that your intentions are consistently reflected and administrable when the time comes for distributions.
We stay informed about California laws and common institutional practices that affect beneficiary designations, and we work with clients to design approaches that reduce administrative hassle and potential disputes. Our process includes a careful review of account forms, guidance on naming contingents, and assistance in designating trusts when appropriate. By focusing on communication, thorough documentation, and periodic review, we help clients maintain an estate plan that responds to life changes and legal developments.
Clients benefit from practical, actionable advice that helps ensure account beneficiary forms accomplish their intended purpose. Whether coordinating a small number of accounts or addressing complex family scenarios, our service aims to create clarity and confidence in how assets will pass to loved ones. We assist with completing and filing beneficiary designation forms correctly and provide ongoing support to update forms as circumstances evolve, helping you preserve your legacy and protect your family’s financial interests.
Contact LA Estate Plans to Review Your Beneficiary Designations
Our Process for Reviewing and Managing Beneficiary Designations
Our process for managing beneficiary designations includes an initial review, tailored recommendations, and ongoing support to keep designations current. We gather account information, verify beneficiary forms on file, propose updates aligned with your estate plan, and assist with completing and filing the necessary documents. Regular checkups are encouraged after major life events or on a periodic schedule to ensure continued alignment with your wishes. This practical, process-oriented approach helps minimize surprises and supports a smooth transition for beneficiaries.
Initial Consultation and Comprehensive Document Review
The first step is a thorough consultation to identify all accounts that carry beneficiary designations and to review existing forms and estate planning documents. During this review, we gather information about retirement accounts, insurance policies, bank accounts, and any trusts that may be named as beneficiaries. The goal is to locate potential inconsistencies, outdated designations, or missing contingent beneficiaries, and to create a clear inventory of what needs updating to reflect your current wishes and family circumstances.
Gathering Financial and Personal Information
We work with you to compile a complete list of accounts, including account numbers, institution names, and any forms currently on file. This information helps us understand the full scope of assets that might pass by beneficiary designation and identify where updates are needed. Gathering personal information about family structure, intended recipients, and any special distribution goals helps us recommend the most appropriate designation choices and coordinate them with other estate planning documents.
Identifying Potential Conflicts and Outdated Designations
After compiling account and personal information, we analyze documents to identify conflicts between beneficiary forms and estate planning instruments, as well as any outdated designations that might lead to unintended distributions. We look for missing contingent beneficiaries, mismatched names, and forms that do not reflect recent life events. Highlighting these issues early allows for efficient, targeted updates that reduce the risk of probate complications and family disputes later on.
Recommendations, Documentation, and Filing
Following the review, we provide clear recommendations for updating beneficiary designations consistent with your broader estate plan. This may include naming contingent beneficiaries, recommending trust designations where appropriate, and suggesting allocation percentages for multiple beneficiaries. We assist in preparing and completing the necessary forms and guide you through filing them with financial institutions to ensure they are properly recorded and enforced.
Preparing Updated Beneficiary Designation Forms
We help prepare and review updated beneficiary designation forms to ensure names, percentages, and account details are accurate. When naming trusts, we confirm trust language and trustee information aligns with account requirements. Our assistance reduces the chance of clerical errors or ambiguous wording that can delay transfers. Once forms are complete, we help you submit or file them correctly with institutions and confirm receipt and acceptance when possible.
Coordinating Designations with Other Estate Documents
It is important that beneficiary forms do not conflict with wills, trusts, or other estate documents. We coordinate designations to ensure consistency across instruments, advising when an asset should name a trust as beneficiary or when a direct designation is appropriate. This coordination helps minimize conflicting instructions and supports a cohesive plan that accurately reflects intentions across all documents and accounts.
Ongoing Review and Long-Term Support
Beneficiary designations are not a one-time task; we recommend periodic reviews and after-life-event updates to keep forms aligned with changing circumstances. Our ongoing support includes scheduled checkups, assistance with new accounts, and guidance following changes such as marriage, divorce, births, or account changes. This continued attention helps ensure designations remain current and effective over time, providing continuity and reducing administrative burdens for survivors.
Annual or Life Event Review Sessions
We offer periodic review sessions to revisit beneficiary designations on a regular schedule or after significant life events. These reviews update account inventories, confirm that forms on file reflect current intentions, and address any legal or procedural changes that may affect beneficiary transfers. Scheduling these checkups helps maintain the integrity of your estate plan and reduces the likelihood of overlooked accounts or outdated designations.
Continued Assistance and Updates
Our team remains available to assist with future updates, answer questions about beneficiary choices, and help implement changes when needed. If you acquire new assets, change family circumstances, or wish to modify distribution plans, we provide timely guidance and help with the paperwork to ensure institutions record your instructions accurately. Continued partnership ensures your beneficiary designations remain aligned with your values and goals over time.
The Proof is in Our Performance
Frequently Asked Questions About Beneficiary Designations in Rolling Hills Estates
What happens if I do not name a beneficiary on an account?
If you fail to name a beneficiary for certain accounts, those assets may become part of your probate estate and will be distributed under California intestacy laws rather than according to your personal wishes. This can create delays, additional administrative costs, and potential disputes among heirs who may have differing expectations. Probate can also make the distribution process slower and less private than direct transfers to a named beneficiary. To avoid these outcomes, it is important to identify all accounts that accept beneficiary designations and complete the appropriate forms. Naming primary and contingent beneficiaries provides a clear transfer path and helps ensure that assets pass directly to chosen recipients when possible. Regular reviews and precise recordkeeping reduce the chance that assets will be overlooked or left to probate.
Can I name more than one beneficiary and specify percentages?
Yes, you can typically name multiple beneficiaries on accounts such as retirement plans and insurance policies, and you can specify the percentage of the asset each should receive. Clearly indicating percentage allocations helps financial institutions distribute proceeds accurately and reduces the likelihood of confusion or conflicts among beneficiaries. When naming multiple beneficiaries, it is important to use exact names and provide identifying information if possible, and to name contingent beneficiaries in case a primary beneficiary cannot accept an inheritance. Coordination with your overall estate plan ensures these allocations are consistent with any trusts or wills you have in place.
How often should I review my beneficiary designations?
It is advisable to review your beneficiary designations at least every few years and after major life events such as marriage, divorce, the birth of a child, or the death of a named beneficiary. Regular reviews help ensure that designations reflect current intentions and family circumstances and that they do not inadvertently direct assets to people you no longer intend to benefit. A proactive review process includes checking forms on file with financial institutions, confirming beneficiary contact and identifying details, and ensuring that any trusts named as beneficiaries are properly funded and referenced. Periodic reviews reduce the risk of unintended distributions and help maintain an up-to-date estate plan.
Do beneficiary designations override my will?
Yes, in many cases beneficiary designations override instructions in your will for the specific assets they cover, because financial institutions typically follow the beneficiary form on file when distributing account proceeds. This means that if a beneficiary designation names someone different than your will, the designation usually controls for that account. Because of this priority, it is important to coordinate beneficiary forms with your will and other estate planning documents to avoid conflicts. Ensuring consistency across documents prevents confusion and helps ensure your overall plan reflects your true intentions for asset distribution.
Can I name a trust as a beneficiary?
You can often name a trust as a beneficiary, which allows you to direct assets into a trust arrangement for management and distribution according to the trust’s terms. Naming a trust can be useful for providing for minor children, imposing conditions on distributions, or protecting assets for beneficiaries who may face creditor claims. When naming a trust as a beneficiary, confirm that the trust is properly drafted, that trustee information is included when required, and that the trust is funded or otherwise capable of receiving the asset. Coordination with other estate documents ensures the trust functions as intended for the designated assets.
What if a named beneficiary dies before me?
If a named beneficiary dies before you, the asset typically passes to the contingent beneficiary if one is named. If no contingent beneficiary exists, the asset may become part of your probate estate and be distributed under state intestacy rules, which may not reflect your intended distribution. To prevent such outcomes, name one or more contingent beneficiaries and review these selections periodically. Contingent beneficiaries provide a backup plan and ensure that assets transfer according to your wishes even if a primary beneficiary cannot accept the inheritance.
Do beneficiary designations affect estate taxes?
Beneficiary designations themselves do not directly determine estate tax liability, but the value of assets passed through these designations may be included in your taxable estate for estate tax purposes. The choice of beneficiary and the form of transfer can affect tax planning, especially for larger estates, and may benefit from coordination with tax-aware strategies. Careful planning, including the possible use of trusts and timing strategies, can help address potential tax consequences and preserve more value for beneficiaries. Reviewing beneficiary designations with an eye toward tax implications can reduce surprises and align transfers with broader financial objectives.
How do payable-on-death accounts work?
Payable-on-death accounts are bank or financial accounts that are set up to transfer directly to a named beneficiary upon the account holder’s death. These accounts bypass probate, allowing a faster and often simpler distribution to the beneficiary. Setting up a POD account typically involves completing a form with the institution that names one or more beneficiaries and any contingent designations. While POD accounts are efficient, they should be reviewed periodically to ensure beneficiary names remain current and consistent with other estate planning documents. Careful coordination prevents conflicts between POD designations and provisions in wills or trusts that might otherwise create uncertainty.
Should I coordinate beneficiary forms with a trust or will?
Yes, coordinating beneficiary forms with trusts and wills is important to avoid conflicting instructions that could complicate distribution. Because beneficiary designations often take precedence for their respective accounts, reconciling them with the terms of wills and trusts helps ensure all documents reflect consistent intentions and produce the desired outcome for heirs. If you intend an asset to fund a trust, name the trust as the beneficiary and verify that the trust is properly drafted and funded. Coordination across documents avoids surprises and helps ensure your estate plan functions smoothly at the time of transfer.
How can LA Estate Plans help me with beneficiary designations?
LA Estate Plans can assist by reviewing your accounts and beneficiary forms, identifying inconsistencies or missing contingent beneficiaries, and recommending updates that align with your overall estate plan. We help prepare and file beneficiary designation forms, coordinate designations with wills and trusts, and provide guidance tailored to California law and common institutional practices. Our support also includes scheduled reviews after major life events and assistance when new accounts are added or when you wish to adjust allocation percentages. This ongoing attention helps keep your beneficiary designations current and consistent with your long-term goals for asset distribution.