We all know that life insurance is a great way to provide for spouse and children after a person dies. Experience has shown, however, that the necessary care for naming one or more beneficiaries is often lacking. Depending on the circumstances, the payment of life insurance proceeds can result in unintended consequences such as court involvement, unnecessary taxes and even the named beneficiaries not receiving the amount that was planned for them. Today we will discuss some of the most common errors made when naming beneficiaries of life insurance policies and how to avoid them.
