One of your periodic estate planning tasks may be to update your beneficiaries. A designated beneficiary is someone to whom you leave certain assets. You can learn more about designating beneficiaries by watching this featured video and consulting a lawyer serving Tracy and Manteca.
The certified financial planner featured here explains that a beneficiary designation supersedes the information contained in your will. For example, your last will and testament may leave everything you own to your spouse. If your life insurance policy still lists your ex-spouse as the beneficiary, those benefits will go to your ex. This is why attorneys urge their clients to update their estate plans as life circumstances change.