how should I name my beneficiaries

[ER_Hopeful]

for most of my taxable and retirement accounts, I've setup my beneficiaries as follow:

primary: wife 100%
secondary: kids 90%, mom 5%, dad 5%.

my thoughts are should anything happen to the 4 of us, everything goes to my parents. Is my setup above correct? Since I have my beneficiaries setup, do I still need a will?

 

[38Chevy454]

Beneficiaries are for 401k, 403b, IRA, life insurance, etc type accounts. Will covers your other assets. So a simple will is still advised.

 

[gauss]

Since I have my beneficiaries setup, do I still need a will?

How will the guardian of your children be decided without a will?

-gauss