Can I Change My Beneficiaries?

Contact Us
a young business woman and her elderly female colleague discussing some documents

Are you interested in changing the beneficiary on existing accounts? For most people, changing a beneficiary is simple and only requires a request for new forms. Once those forms are filled out and turned in, the new beneficiary will be effective. A estate planning lawyer Utah can help you understand this process and advise you on what is needed and what isn’t.

What is a Beneficiary Designation?

A beneficiary designation is a binding contract. The document lists who should receive your account if you cannot do so. It is essential to reassess your beneficiary designations regularly, especially if you update your will or have life changes that impact who you want to get and when you pass. A Utah estate planning attorney can help you go over what you have in place and advise how to make the changes you need to protect your assets.

Where are Beneficiary Designations Required? 

A beneficiary designation is usually required when establishing a financial account. For instance, life insurance policies, IRAs, and bank accounts will often ask the account holder to designate a beneficiary. It’s also possible for an account holder to name their estate as a beneficiary.

When and How to Change a Beneficiary Designation? 

There are many reasons you may want to reconsider who your beneficiary designation is on your financial accounts. For example, if you’ve married and divorced, you may want to take your ex-spouse off as your beneficiary designation and name your new spouse.

To make changes to your beneficiary designation, you’ll need to contact the company that holds the account. For instance, your financial institution or your life insurance company. A Utah estate planning attorney can advise you on who to contact to make these changes.

How Mountain View Law Group can Help 

Whether you’re in the first stages of estate planning, updating your will, or having life changes requiring you to rethink everything, a Utah estate planning lawyer can help.

The Client Experience

Our clients rave about their experiences with Mountain View Law Group. Check out what they have to say.

prev next