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    Beneficiary Review

    Annual checkup of who inherits.

    Why this matters

    • Beneficiary designations OVERRIDE your will.
    • If ex-spouse listed, they inherit — not current spouse.
    • If deceased child still listed, complicated probate.
    • Outdated beneficiaries = family chaos.
    • Easy to fix — just update online or via form.
    • Most seniors haven't reviewed in 10+ years.

    Accounts to check

    • 401(k) — old + current employers.
    • IRA accounts — Traditional + Roth.
    • Life insurance policies.
    • Annuities.
    • Bank accounts (POD/TOD designations).
    • Brokerage accounts.

    When to update

    • After marriage or divorce.
    • Birth of grandchildren.
    • Death of named beneficiary.
    • Family conflict (cut someone out, add someone).
    • Annual review regardless.
    • Any major life change.

    Primary + contingent

    • Primary — first in line.
    • Contingent — backup if primary dies.
    • Always name BOTH.
    • Common: spouse primary, kids contingent.
    • Without contingent, account goes through probate.
    • Probate = expensive + slow + public.

    How to update

    • Most retirement accounts — update in app/online.
    • Life insurance — call insurer for form.
    • Bank — visit branch with ID.
    • Spouse may need to consent on 401(k).
    • Save confirmation in your records.
    • Tell your executor where to find documents.

    Trust as beneficiary

    • If you have a trust, name it as beneficiary.
    • Trustees inherit + distribute per trust terms.
    • More control over how money is used.
    • Especially helpful if heirs are minors or struggling.
    • Talk to estate attorney for setup.
    • Worth consideration for $500K+ assets.

    Schedule annual review

    Pick a memorable date — birthday, anniversary, January 1. Once a year, log into each retirement account, life insurance, and bank account. Verify beneficiaries are still correct. 30 minutes saves your family weeks of legal hassle and possibly tens of thousands in probate fees. Many seniors discover ex-spouses or deceased people still listed. Easy fix, huge consequences.