Now that it’s the end of the year, it’s time to do some revisiting of your accounts and one great, and quick, thing to look at is your listed beneficiaries on your retirement accounts. This is part of the process of checking and keeping your estate documents current, in the event of any changes, and something that you should do every year just to make sure it accurately reflects your wishes.
Having designated beneficiaries is always better than not specifying them because it takes the guesswork out of the process. Instead of going by the law, your wishes can be respected after you’re gone and the process is expedited. It sounds like such a silly thing to have to worry about, and you shouldn’t worry about it, but having it established is something quick that you can do which will have great time savings, unfortunately for others, down the road.