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Theres one simple mistake, however, that could mess with yourinvestingplans.
In fact, this mistake is super common, but it can lead to big problems later on.
The good news is, its simple to fix: updating your beneficiaries.
Better yet, it can help prevent any confusion that could arise from two folks with similar names.
Here are some other considerations aboutwhy its so important to revamp your beneficiaries.
Avoid Probate
Avoiding probate is a great reason to set beneficiaries, Haughton said.
He explained that probate is the legal process of transferring assets from a decedent to their beneficiaries.
All things being equal, people usually want to avoid probate, he said.
From births to deaths, marriages to divorces, these and more affect your assets.
If you review those designations annually or biannually, youll catch any changes needed.
If you dont update these with some regularity, Thats when disaster happens.
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