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Jacob Chesla

You might not have thought much about beneficiary designations — but they can play a big role in your estate planning.

When you purchase insurance policies and open investment accounts, such as your IRA, you’ll be asked to name a beneficiary, and, in some cases, more than one. This might seem easy, especially if you have a spouse and children, but if you experience a major life event, such as a divorce or a death in the family, you may need to make some changes — because beneficiary designations carry a lot of weight under the law.

  
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