Question

Should I update my beneficiary designations if I already have a will?

Answer

Yes — beneficiary designations on retirement accounts, life insurance policies, and certain bank accounts override your will. These designations transfer assets by contract, independent of what your will states. Outdated designations — listing an ex-spouse, a deceased beneficiary, or no contingent beneficiaries — could redirect wealth in ways that contradict your broader plan. A review every two to three years or after any major life event is essential.

About Mercer Advisors

We exist so you don’t have to worry about money. For more than 40 years, we’ve taken the sophisticated, time-tested approach that many ultra-high net worth individuals use to help manage their financial lives and made it accessible to more families.

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