In the intricate world of estate planning, a Last Will and Testament often takes center stage. However, for many Hoosiers, a seemingly simpler document can wield even greater power over who inherits their most valuable assets: the beneficiary designation. Often overlooked or set and forgotten, these forms on your bank accounts, retirement plans, and life insurance policies are critical components of a robust estate plan in Indiana. Understanding their function and ensuring they are accurate and up-to-date is not just smart planning—it's essential for protecting your loved ones and your legacy. What Are Beneficiary Designations? At its core, a beneficiary designation is a legal instruction you provide to an institution (like a bank, insurance company, or investment firm) specifying who should receive the assets held in a particular account or policy upon your death. Unlike a Will, which governs assets titled in your name or your estate, beneficiary designations opera...