Life Changes, Your Legacy Should Too

When you think about planning for the future, things like retirement savings, insurance policies, and wills might come to mind. But one of the simplest and most overlooked steps you can take is making sure your beneficiary designations are up to date. Major life events like marriage, divorce, welcoming a new child or grandchild, starting a new job, or even opening a new bank or investment account can significantly affect who you want to inherit your assets. Yet many people make their initial beneficiary choices and then forget about them for years. Unfortunately, that oversight can have real consequences.

What Happens If You Don’t Update Your Beneficiaries?

Beneficiary designations legally override your will. That means if your accounts name someone you no longer intend to inherit, like an ex-spouse, estranged relative, or someone who has passed away, the assets could still go to them. Even small changes in your life, like switching jobs or rolling over a retirement account, can be enough to throw your estate plan off track. And when your beneficiaries are outdated, your loved ones may face:

• Delays in accessing funds
• Legal complications or disputes
• Assets being tied up in probate court
• Tax consequences or other unintended outcomes

This is especially critical for retirement accounts, life insurance policies, annuities, and investment portfolios, accounts that often pass directly to beneficiaries outside of the probate process.

What a Beneficiary Review Can Do for You

Taking just a few minutes to review and update your beneficiaries is one of the easiest ways to protect your loved ones and make sure your intentions are honored. A quick, no-cost review can help you:

• Avoid probate and costly delays by ensuring your assets transfer smoothly and quickly
• Prevent outdated beneficiaries from inheriting (such as an ex-spouse or deceased relative)
• Ensure your assets go exactly where you want—to your spouse, children, grandchildren, or favorite cause
• Keep your estate plan aligned with your current life circumstances and financial goals

If you haven’t looked at your designations recently, or if you’ve had any major life changes, it’s time to take another look.

How to Get Started

The good news? It’s easy. Citizens Wealth Management Group offers a free beneficiary review to help you stay on track. In just a few minutes, we’ll work with you to review your existing designations and make any needed updates. To schedule your free review, call us at (800) 448-0025 or contact us online at www.cwmgohio.com/contact.