Choose a Beneficiary for Your Estate Plan

Naming a beneficiary may seem simple—but it can make or break your estate plan.

Designating a beneficiary is a key step in making sure your assets go to the person or people you want them to go to. Dreamstime/TCA

By Adam Shell From Kiplinger’s Personal Finance

When it comes to estate planning, a will or a trust often receives the most attention. However, the simple act of naming a beneficiary to inherit assets in your 401(k), IRA, or savings account, or the proceeds of a life insurance policy or annuity, is a powerful estate planning tool.