b'Financial FocusReview Your IRA, 401(k) BeneficiariesI f youve had an IRA and a 401(k) for many years,an accidental inheritance in which your retirement you may occasionally ask yourself some questions:accounts and insurance proceeds could end up going Am I contributing enough? Am I still fundingto someone who is no longer in your life.these accounts with the right mix of investments for my goals and risk tolerance? But heres one inquiryFurthermore, your retirement plans and insurance you might be overlooking: Have I used the correctpolicy may not just require a single beneficiaryyou beneficiary designations? And the answer you get ismay also be asked to name a contingent beneficiary, important. to whom assets will pass if the primary beneficiarymight also pick up some other suggestions for dealing has already died. As you can imagine, the situationwith beneficiaries. Just to name one, its generally not It wouldnt be surprising if you havent thought muchcould become quite muddled if stepchildren area good idea to name minor children as beneficiaries. about the beneficiary designationafter all, it wasinvolved in a remarriage. Because children cant control the assets until they just something you once signed, possibly a long timebecome adults, a court would likely have to name ago. Is it really that big a deal? To avoid these potential problems, make sure toa guardianone that you might not have wanted. review the beneficiary designations on all of yourInstead, you could either name your own custodian It could be. For one thing, what if your familyaccounts at some pointand especially after ato manage the assets designated to the minor or circumstances have changed since you named asignificant change in your family situation. If you seeestablish a trust for the benefit of the minor, which beneficiary? If youve remarried, you may not wantsomething that is outdated or incorrect, contact yourcan distribute the money in several disbursements your former spouse to receive your IRA and 401(k)retirement account administratoror your insuranceover a period of yearswhich is often a good move, assets or the proceeds of your life insurance policy, forrepresentative, in the case of life insurance tosince young adults arent always the best at managing which you also named a beneficiary. request a change-of-beneficiary form.large lump sums.However, upon remarrying, many people do reviewAnd if you really want to be on the safe side, you mayIf youre like many people, you have a strong desire to their estate plans, including their wills, living trusts,want to enlist a legal professional to help you withleave something behind. But youll want to do it in the durable powers of attorney and health care directives.this review to make sure the beneficiary designationsright way. So, pay close attention to your beneficiary If youve revised these documents, do you have toreflect your current family situation and are consistentdesignationswhen you first create them and worry about the old beneficiary designations? Youwith whats in your estate plans. throughout your life. might be surprised to learn that these previous designations can supersede whats in your updatedIn fact, if youre already working with an experiencedThis article was written by Edward Jones for use by your local Edward will and other documents. The end result could beestate planning attorneyand you shouldyouJones Financial Advisor. Edward Jones, Member SIPC52 August 2021'