Choosing beneficiaries to receive significant sums of money from life insurance, pensions, IRAs, and others is an important decision. Here are some factors to consider when deciding who should be your beneficiaries:
- Choose someone you trust enough to give a substantial sum of money to
- Always list an alternate beneficiary to receive the money, in case something happens to the primary beneficiary
- Update beneficiaries in the case of death, divorce, estrangement, birth, etc.