Most of you have life insurance. (And if you have young children, you may have heard my admonition that not having it is Parental Malpractice.) But for those that do have life insurance, make sure you name your beneficiaries- first choice and second choice. If you have a living trust, especially if you’ve designed it with lifetime protection trusts for your children, we typically recommend naming the trust as the primary beneficiary of your life insurance policies and your spouse as the second beneficiary.
If you have an employer provided life insurance policy, make sure you name your beneficiaries. For all private policies (those you get personally and independent from your employer), you must name a beneficiary to process the policy. But employer policies are different. If you don’t name a beneficiary, the policy contract will name one for you.
If you haven’t checked your life insurance beneficiaries lately, now may be a good time. Especially if you’re planning an end of summer trip. (And for those of you with young children – make sure you get life insurance.)