Review Your Beneficiary Designations

Why Beneficiary Designations Matter

Here's something that surprises most people: beneficiary designations override your will.

That means if your will says "leave everything to my spouse" but your 401(k) still lists your ex-spouse as beneficiary, your ex gets the 401(k). The will doesn't matter for that account.

What Accounts Have Beneficiary Designations?

These accounts pass directly to your named beneficiaries, skipping probate entirely:

• 401(k) and 403(b) accounts — employer retirement plans
• Traditional and Roth IRAs — individual retirement accounts
• Life insurance policies — death benefit goes to beneficiary
• Pension plans — survivor benefits
• HSA accounts — health savings accounts
• Payable-on-death (POD) bank accounts
• Transfer-on-death (TOD) brokerage accounts

How to Check and Update Your Beneficiaries

Follow these steps for each account:

1. Log into your account online or call your provider
2. Find the beneficiary section — usually under "Account Settings," "Profile," or "Beneficiaries"
3. Review your primary beneficiary — is this still the right person?
4. Review your contingent beneficiary — who gets it if the primary can't?
5. Update if needed — you'll typically need their full name, date of birth, SSN, and relationship
6. Save and confirm — print or screenshot for your records

Common Mistakes to Avoid

• ✗

  Ex-spouse still listed

  After divorce, update every account. Some states have laws that auto-revoke, but don't rely on it.

• ✗

  No contingent beneficiary

  If your primary beneficiary passes before you and there's no backup, the account goes through probate.

• ✗

  Naming minor children directly

  Minors can't inherit directly. The court will appoint a custodian, which may not be who you'd choose. Consider a trust instead.

• ✗

  Assuming your will covers it

  Your will has zero control over beneficiary-designated accounts. They are completely separate.

When to Review Your Beneficiaries

Review your designations after any of these life events:

Major Provider Quick Links

Here are direct links to update beneficiaries at major providers: