A restrictive beneficiary designation is a legally binding agreement that cannot be altered without the expressed permission of the designated beneficiary. This means that once the designation is made, it cannot be changed without the written consent of the named beneficiary. This important concept is often utilized in financial planning and can have significant implications for both the beneficiary and the owner of the asset. So, it is crucial to fully understand the implications of a restrictive beneficiary designation before making any decisions. Let's explore this topic further.