There are various reasons why your listed #beneficiaries might not fit your current intentions, and it can also prove costly because of circumstances beyond your control.
It is very common to have beneficiary names listed on policies and accounts that are not current to your wishes. The chances are you have beneficiaries listed right now that include a person you no longer wish to receive the benefit or it excludes someone.
Suppose you have listed a minor as a primary or successor beneficiary on a policy or account. Unfortunately, you die before the minor reaches 18 years of age.
No matter what age you feel is appropriate for your beneficiaries to receive their inheritance, there is no way of knowing whether they are going through a divorce, bankruptcy, or lawsuit at the time of your death.
You can prevent this from happening with a Living Trust
