As millions of Americans prepare to file their taxes, it's vital to check and update beneficiary designations before the April 15 deadline. This often-overlooked step can prevent costly mistakes, such as an ex-spouse receiving funds from accounts if beneficiary details are outdated. Beneficiary designations, commonly marked as 'payable on death,' dictate who receives your assets, and if they are not current, your wishes may not be honored. Tax season is an ideal time to review all financial documents, including life insurance policies, retirement accounts like 401(k)s and IRAs, bank accounts, health savings accounts, real estate deeds, and trusts. Keeping these documents organized can streamline the review process. It's important to note that beneficiary designations typically take precedence over wills, meaning the named individual will receive funds regardless of what is stated in a will. Regularly updating these details ensures that your assets are distributed according to your current intentions.