Your idiot former son-in-law just inherited your money!
…or maybe it was your former daughter-in-law.
It does not matter who.
What really matters is,
if you do not have everything set up correctly, you can lose everything.
Most people believe they are fine, because they have a will or a trust.
Think again.
How would you feel if this happened to your future.
You pass away. You wanted your daughter and your grandchildren to get everything...
but it ends up going to your former son-in-law, who is a jerk and an idiot.
How could this have happened? You just had your your will or trust revised and updated.
Oops. You did not realize that a beneficiary designation takes precedence over wills and trusts.
The wrong person inherits your money, because of an old beneficiary designation.
Right now you may be feeling pretty confident, because you never would have named that
son-in-law as a beneficiary in the first place.
What if you the beneficiary is your ex spouse?
But you still feel confident. That's never going to effect you anyway, because you do not have any life insurance, and since that is the only thing that has a beneficiary designation, you are fine.
Oops again. Your IRA and 401k also have beneficiary designations.
Maybe you absolutely, positively know you have everything set up correctly.
Would you bet everything you own on that? Think about this: You have already made that bet.