When was the last time you checked the beneficiary designations on your IRA, insurance policies, or brokerage accounts? If you can’t remember—or it’s been a few years—it’s time to take a moment to review them.
Why Reviewing Beneficiaries Matters
Beneficiary designations determine who receives your assets when you pass away, and these designations override your will or trust. That means even if your estate plan says one thing, the beneficiary forms on your accounts could send money somewhere else—sometimes unintentionally.
Life Changes Affect Your Beneficiaries
Major life events such as marriage, divorce, birth of a child, or even the passing of a previously named beneficiary can impact whether your current beneficiary designations still reflect your wishes.
What to Do When Reviewing Beneficiaries
Check every account: Review beneficiary information on IRAs, 401(k)s, life insurance, annuities, brokerage accounts, and any other financial accounts.
Confirm contact information: Make sure names, addresses, and Social Security numbers (or other ID info) are accurate.
Consider contingent beneficiaries: These are backups if your primary beneficiary isn’t able to inherit.
Update as needed: If your circumstances have changed, take action to update your beneficiaries promptly.
When to Review
Aim to review your beneficiary designations at least once every few years, or anytime a major life event occurs.
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