When was the last time you and your family members scrutinized beneficiaries on all your financial accounts and legal documents?

If it was before you were married, you could be surprised to learn that the love of your life is not necessarily the person designated to inherit your accounts. Perhaps then, it was a brother, sister, your parents or your "Ex."

You certainly wouldn't want to die under those circumstances, would you?

Too often, people say they have no clue how to invest. But equally important to picking the right investments is staying on top of the family's estate planning.

Regular reviewing account beneficiaries is one of the most critical aspects of this type of planning. Even a child can do it. Just pick up the phone and call your bank or investment company to make sure each account has the correct beneficiary.

Also, compare beneficiaries on your accounts with your will. If you name a beneficiary on your retirement account that differs from the heirs named in your will, you also could find yourself in trouble. It's the IRA beneficiary who gets your retirement money -- not the person named in your will. Oops!

Another major error many make: Failing to name another beneficiary in case your named beneficiary dies first. Even if you name your spouse as beneficiary, tax trouble may arise if your spouse dies first and you're left with no one else named.

Estate planning attorneys constantly report that it's the simplest of oversights -- like these -- that can cause the greatest retirement account problems and tax hassles. Plus, if you think your spouse would be angry at you for picking a bad investment, just think how mad he or she would be if all your assets went to someone else when you die!

The greatest complications often tend to arise for those with second marriages and those who have an estate that is subject to taxes.

So do this review on all your accounts about once per year. That includes your retirement accounts, investments and insurance policies. If your financial situation has changed, discuss the prospect of conducting additional planning with your accountant or tax lawyer.

A blank "beneficiary" line on your retirement account application can translate into greater taxes. That's because with a traditional IRA, you must begin withdrawals after age 701\u20442 and start paying income tax on those withdrawals. With a beneficiary, you generally would owe less taxes because you can withdraw less.

It's often a good idea to name your spouse as beneficiary. This way if you die before age 701\u20442, your spouse simply can retitle your account, and postpone taking taxable distributions, notes the Ernst & Young Tax Guide 2008.

Nonspouse beneficiaries, it indicates, may have fewer options when it comes to postponing taxes on traditional IRAs.

Financial planners suggest that you tally up the value of your estate -- including your home and retirement account. If your assets are substantial, consult with your accountant or tax lawyer. It may make sense to withdraw money from your IRA more quickly and pay taxes while you're alive to reduce the size of your estate. Or, it could pay to set up a trust.

Also be sure you and your spouse have an updated durable power of attorney, living will, guardian for your children and designation of heath-care surrogate.