Assigning and updating beneficiary designations for your retirement plans, life insurance policies, and annuities are tasks that notoriously get ignored. While the process itself is usually pretty straightforward — putting someone’s name on a form — the consequences of your choice can be fairly substantial. Don’t wait any longer!
Who to choose as beneficiaries
You can name any of the usual suspects as a beneficiary — your spouse, children, or other relatives. You can also name friends, trusts, charities, and even various institutions like colleges, universities, libraries, and so forth.