Life’s Financial Journeys
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:
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