How do I name and update beneficiaries on my life insurance?

You name beneficiaries directly on the policy, and this designation overrides your will — so it's one of the most important and most neglected pieces of paperwork you own. List a primary beneficiary (who gets the proceeds) and a contingent beneficiary (the backup if the primary has died). Use specific names and consider percentages if there are several people. Crucially, update beneficiaries after every major life event: marriage, divorce, a new child, or a death. The classic horror story is a payout going to an ex-spouse because no one updated the form. Avoid naming minor children directly — proceeds to a minor get tied up in court; instead use a trust or a custodial arrangement. Review your designations once a year and keep copies where your family can find them. This same review applies to your 401(k) and IRA too.