I thought keeping my Will updated was sufficient...

"Bob and I were vigilant about ensuring that our Will and Trust documents were up to date.  Being a blended family, we knew the importance of clearly designating our wishes for transferring family assets should something happen to one of us.  We were certain we had done everything right, until Bob suddenly passed away and I found out differently. As it turned out, the large life insurance policy Bob had through his employer of 30 years still had his ex-wife listed as beneficiary. This designation took precedence over what we had carefully constructed in our Will."

Many people incorrectly assume that because they have updated their Will, their final wishes are in place. As a general exception to this belief, beneficiaries designated on financial accounts override the Will.

Best Practice: periodically review beneficiary listings on your financial accounts to ensure they are in accordance with wishes and those expressed in your Will. 

Typical financial accounts that have beneficiary designations include:

• Life Insurance Policies
• Annuities
• Bank Accounts  (these can be co-owned, Payable on Death (POD), Transfer on Death (TOD)).
• Retirement accounts, such as 401ks, IRAs.
• Pension plans
• Stocks, Bonds (including Savings Bonds), Money Market Certificates
• Certificates of Deposit (CDs)

Estate Manager PRO (https://hartlawgroup.myestatemanager.com/), a FREE RESOURCE available via our website, helps you plan, prepare for, and manage life transitions.  You will find best practices (https://hartlawgroup.myestatemanager.com/#step/organize-beneficiary-designations/97) and professionals - when needed, to help you.