How beneficiary designations work, why they bypass probate, and how to keep them in sync with your estate plan.
Beneficiary designations are the people (or entities) you name to receive certain assets directly.
Assets that often use beneficiary designations
Why they bypass probate These accounts pay out based on the designation form, not your will.
The biggest mistake Old designations that don’t match your current wishes (divorce, new spouse, new child).
Best practices
How it fits with insurance Insurance proceeds can be a fast way to support a family and cover final expenses—if the beneficiary is correct.
Next step Update your beneficiaries and keep a copy with your estate planning documents.
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