Beneficiary Designations: Keep Your Plan in Sync & Your Intentions Protected
Align Your Accounts With Your Estate Plan
Beneficiary designations on life insurance, retirement accounts, and bank assets often override what’s written in your will or trust. That’s why reviewing and updating these designations is a critical — and often overlooked — part of estate planning. We help ensure your assets go where you want them to, without delays or confusion.
What Are Beneficiary Designations?
Beneficiary designations are instructions tied to specific financial accounts that name who receives the funds when you pass away. These include retirement accounts, life insurance, bank accounts, and more. Keeping them up-to-date ensures your plan works as intended — and avoids unintentional outcomes.
Overrides the Will
These designations control who gets the asset — even if your will says something different.
Applies to Key Accounts
Commonly used with IRAs, 401(k)s, pensions, life insurance, and brokerage accounts.
Can Include Contingents
You can name a backup (contingent) beneficiary if your first choice can’t inherit.
Must Be Reviewed Regularly
Major life changes — like marriage, divorce, or births — can quickly make old designations outdated.
Each type of account comes with its own legal and tax considerations. We help you navigate the options to reduce conflict, tax surprises, and misalignment.
Common Beneficiary Designations We Review
Retirement accounts (IRA, 401(k), 403(b))
Life insurance policies
Bank or credit union accounts (POD/TOD)
Annuities & investment accounts
HSAs or brokerage accounts
Real estate deeds with transfer-on-death clauses
Many families are surprised to learn that outdated or missing beneficiary forms can cause delays, disputes, or assets going to the wrong person — including ex-spouses or estranged relatives.
What Can Go Wrong Without Regular Updates?
Assets unintentionally go to outdated recipients
Missed opportunities to avoid probate
Potential tax consequences for heirs
Conflict between will and account designations
Loved ones left out or financially burdened
Frequently Asked Questions About Beneficiary Designations
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Can I name my trust as a beneficiary?
Yes, in many cases it’s smart to do so — especially for minors, blended families, or tax planning.
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What happens if I don’t name anyone?
The account may go through probate and follow default state rules, not necessarily your preferences.
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How often should I update my designations?
Any time there’s a major life event (marriage, divorce, birth, death) or at least every few years during review.
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What’s the difference between primary and contingent beneficiaries?
Primary is your first choice; contingent is the backup if your primary cannot inherit.
Beneficiary Planning Is Especially Important If You:
Own life insurance or retirement accounts
Recently divorced or remarried
Have blended or non-traditional families
Want to avoid probate for specific assets
Want to name a trust as a beneficiary
Haven’t reviewed designations in over 2 years
