Naming beneficiaries may feel like simple paperwork, but it’s actually the beginning of a complex process that financial planners wish you knew more about. In this episode, Director of Estate Planning Rodney Weaver is in the studio talking with host Michael Liersch about what can happen if you don’t stay on top of this task as your life evolves. Learn more about what a beneficiary designation means, who (or what) can be named a beneficiary, and why the designation is so important.

Rodney and Michael also discuss how assets end up in a lengthy legal process called probate and how beneficiaries override instructions in your trust or will. Rodney also shares real stories of situations where beneficiary designations weren’t buttoned up and the consequences of not keeping beneficiaries current.