Visit a lawyer. Tabulate your net worth. Determine who will be your child’s guardian. Argue with spouse.  Ask your brother to be the estate executor. Argue with spouse. Examine your mortality.  Capitulate to spouse. Visit lawyer. Sign will.

Done right?

The popular perspective is that the signing of your will is a “one and done” step in settling your estate. However, equally important, it is crucial to ensure that the beneficiaries for your RSP/401K, insurance policies and non-registered accounts match up with the beneficiaries of your will.

In most jurisdictions, a named beneficiary prevails over the wishes of a will.  Thus, whomever is your named beneficiary receives the proceeds even if your will states differently.  For example, if you get divorced but forget to take your ex-spouse off as the beneficiary of your life insurance policy, your ex will receive the proceeds of insurance even if you get re-married or drafted a new will to ensure your new spouse receives your estate (sadly, this is not a made up example but case law).

If you have named your spouse as a beneficiary consistent with the will, it is also important to update your contingent beneficiaries on your life insurance policies. For example, you could have another child but forget to add them as a co-contingent beneficiary. If you and your spouse pass away, even if the will states the kids should split the estate equally, the insurance proceeds will be paid to one child only (sadly, another true story).

Whether you are newly married or been married for what seems like forever (hey, they feel the same way too…), it would be prudent as part of a periodic analysis of your personal finances to ensure that your named beneficiaries and will is consistent.

As you may have noticed, I have stated an estate planning section. I will begin posting periodically on this issue.  Suggestions as to topics are always welcome.