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Review and update how your assets are owned and your beneficiary designations


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Retirement accounts and many other assets can pass by designating beneficiary on the account, not via your will.

Therefore, your primary and contingent beneficiaries should also be reviewed and updated in order to avoid unintentionally disinheriting your child if a different beneficiary was listed prior to you becoming a parent and was never updated. These designations should also be reviewed and updated to reflect your new status as a parent.

The following resources may assist you in understanding how to review and update how your assets are owned and beneficiary designations:

Inheritance Rights

Avoiding Probate

What is Joint Tenancy with Right of Survivorship?

Advantages and Disadvantages of Joint Tenancy

Advantages and Disadvantages of Payable On Death Accounts

Avoiding Mistakes When Naming a Beneficiary

Naming Beneficiaries for Blended Families

Naming a Life Insurance Beneficiary


Having a Child Tasks

1. Protecting against risk
2. Updating your estate plan
3. Arranging child care
4. Revising your spending plan
5. Saving for your child’s education

Updating your estate plan Subtasks

1. Review and update how your assets are owned and your beneficiary designations
2. Update your wills
3. Review and update your advance directive documents

Permanent link to this article: http://napfafoundation.org/financial-help/having-a-child/2-adapting-your-estate-plan-to-reflect-the-responsibilities-of-parenthood/review-and-update-how-your-assets-are-owned/