It’s been a while since I’ve written a post about the importance of making sure your paperwork is correct and up-to-date. I was reading an article over the weekend that had two stories of what can go wrong when your paperwork is not correct. I won’t go into the details, but one story involved thousands of dollars in costs to correct an outdated address and the other involved a painful court battle for a deceased account owner’s family. Both stories re-instilled the importance of having your paperwork in order. Remember, retirement accounts cannot be passed on through a will or similar instrument. The account custodians will follow the paperwork they have and send information to the account addresses they have. And yes, the courts will side with them the vast majority of the time. You can prevent this, though, by informing the account custodian of any address changes and any major life changes (i.e. a child birth, marriage, divorce, etc.). These simple updates–most of the forms can be found online and are fairly easy to fill out–can prevent a world of hurt in the future, both for yourself and for your family and friends. Ideally, you should be checking your paperwork at least once or twice a year and should save a copy of the forms each time you submit new ones. If you have questions about whether you need to update your forms, you should speak with your retirement account custodian.