It is important to know the consequences of not having a contingent beneficiary named in life insurance,  IRA's, 401(k)'s, annuities, or any other financial asset that has a beneficiary provision.  For example, if a named beneficiary dies before the owner, then most likely those assets will be left to the owner's estate, which could trigger unnecessary probate expenses.  If it happens to be a retirement account, it could literally cost the beneficiaries hundreds of thousands of dollars in benefits.  If you have any questions regarding this, make sure you call our office or bring it up at our next meeting.