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Your beneficiary designation is not a set it and forget it. It’s time to check your beneficiary designations.
If you have life insurance, a 401(k), 403(b) or even a TSP, you’re asked to designate a beneficiary for the account.
I know you thought that was the end, but it’s not; this beneficiary thing is full of sequels.
Exhibit A: Life happens, you sneeze, and suddenly you’re married with kids or in a committed relationship—It’s time to update your beneficiary designation.
Exhibit B: Life happens, and suddenly you’re divorced or remarried, or you lose a parent. It is certainly time to update your beneficiaries.
Updating beneficiaries regularly can make sure the right people inherit your assets and help your loved ones avoid probate.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.