You might not have thought much aboutbeneficiary designations — but they canplay a big role in your estate planning.When you purchase insurance policiesand open investment accounts, such asyour IRA, you’ll be asked to name a beneficiary, and, in some cases, more than one.This might seem easy, especially if youhave a spouse and children, but if youexperience a major life event, such as adivorce or a death in the family, you mayneed to make some changes — becausebeneficiary designations carry a lot ofweight under the law.In fact, these designations can supersede the instructions you may have writtenin your will or living trust, so everyone inyour family should know who is expectedto get which assets.