SEATTLE -- The tragic death of Michael Jackson is an important reminder that you never know when your time is up.

To make sure your estate doesn't wind up in the wrong hands, you need make sure your designated beneficiaries are up to date.

"And not just your will, but also the beneficiaries that you've named on your life insurance policies, your 401(k) plans, your IRAs, an annuity, anything that you have that passes outside of your will," said Noreen Perrotta, editor of Consumer Reports Money Advisor.

Perrotta says most people name their spouse as beneficiary.

"Well, if your spouse has passed away or if you've been divorced, especially if you've been remarried and you want your new spouse on there, it's a good idea when any of these life events happen, to take a look at the beneficiary designations that you've set and update them."

Something else to remember: It's important to name a primary and a backup beneficiary.

"If something happens to the primary beneficiary, it doesn't go into limbo, it goes to the next person that you name."