Beneficiaries & Why They are Important

Odds are you have some type of investment, 401k, IRA, Life insurance policy that has a beneficiary listed. When you open the accounts you generally will at that time name a beneficiary. However, life happens, sometimes you need to update your beneficiaries for reasons such as welcoming a new child, divorce, death, or estate planning.

This sounds very simple but can be and is often overlooked. If you don’t update a beneficiary, you may have a situation where your assets aren’t distributed according to your wishes.

If your loved ones aren’t named as beneficiaries, for instance if you lost your spouse and never updated your beneficiary, now your loved ones are in a situation where they will have to hire an attorney and go through probate court in order to access those assets. Two things to take away from probate, it’s a very expensive process, and it is a long process, as in years in the state of California.

If you have questions or need help updating your beneficiaries, we’d be happy to help. 

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Charles Sosa and Zachary Rayman are registered representative with, and securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.?

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