Updating dictionary

This can be quite frustrating for their survivors, who must battle in court for a legal determination of the true beneficiary.And the court's ultimate decision may not be what the deceased would have wanted.The beneficiary designation you choose may determine if your elections are carried over to the next generation.The following are some basic beneficiary designation designs: In the event your primary beneficiary predeceases you, a per stirpes beneficiary designation provides that the share he or she would have received goes to his or her heirs.What if the organization to which you leave your assets becomes defunct before it inherits the assets?Should you need to, you may revoke your existing beneficiary designation and designate a new beneficiary by submitting a change-of-beneficiary form.

(For related reading, see: .) Most IRA plan documents provide default beneficiary options.A similar dilemma arises if some children are named as beneficiaries but the document isn't updated to include those who were born after the initial designation.To prevent these situations, you should update your beneficiary designation immediately after you experience a change in family status and review it periodically so they never become outdated or incorrect.You can also draft customized beneficiary designations to address "what-if" situations.For instance, what if your primary beneficiary predeceases you and you fail to update the designation?

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