Beneficiary Checkup

Accounts with beneficiary forms — UPDATE ALL

• Traditional IRA + Roth IRA — at brokerage (Vanguard, Fidelity, etc.).
• 401(k) / 403(b) / 457 — at employer's plan provider.
• Pension — survivor benefit option.
• Life insurance — primary + contingent beneficiaries.
• Annuities.
• Bank accounts — "Pay on Death" (POD) designations.
• Brokerage accounts — "Transfer on Death" (TOD) designations.
• HSA (Health Savings Account).
• 529 College Savings.
• Savings Bonds — register at TreasuryDirect.

Annual review checklist

1. Pick a date you'll remember (your birthday, January 1, etc.).
2. Log into each account.
3. Find "Beneficiaries" section (usually under Settings or Profile).
4. Verify primary + contingent beneficiaries.
5. Update if changes (divorce, deaths, new grandchildren).
6. Save screenshot or printout. File with your estate documents.

Always name a CONTINGENT beneficiary

If your primary beneficiary dies BEFORE you and you didn't name a contingent — money goes to your "estate" → probate → may go where you didn't want.

Always name backup. Common: spouse primary, kids equally as contingent.

Special situations

• Recently divorced — most states auto-revoke ex-spouse from beneficiary, but federal accounts (401k, ERISA) may NOT. Update everything.
• Recently widowed — your spouse may have been beneficiary on YOUR accounts. Update.
• Minor children — name a TRUST for them, not the kids directly. Otherwise courts hold money until 18.
• Special-needs heir — name a special-needs trust, NOT them directly. Otherwise they lose disability benefits.
• Charity — IRAs especially good to leave to charity (no tax impact). Use 100% qualified charitable distribution.