Beneficiary designations, Do you have your employees review and update them?

Beneficiary designations, Do you have your employees review and update them?

Beneficiary designations are done at time of enrolling in a benefit plan. What happens if the beneficiary you designate dies before you? It is always a good idea to review and update your beneficiary every two to three years. Insurance proceeds gets paid to a named beneficiary directly, no tax implications. If you have no beneficiary or the beneficiary dies before you then the proceeds are paid to your estate and now there is estate tax and probate costs.

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