Your will does not control your life insurance, retirement accounts, or annuities. Beneficiary designations do — and they win even when they contradict the will. That makes a 20-minute review one of the highest-value planning tasks that exists.
The checklist
- List every account with a beneficiary form: life insurance, 401(k)s, IRAs, annuities, HSAs, payable-on-death bank accounts.
- Confirm primary and contingent beneficiaries on each. A missing contingent is the most common gap.
- Check after every life event: marriage, divorce, births, deaths. Ex-spouses remain beneficiaries surprisingly often.
- Avoid naming minors directly. Insurers cannot pay minors; a court-appointed custodian may control funds until adulthood. Trusts or custodial arrangements handle this better.
- Name people, not "my estate", unless advised otherwise — routing proceeds through the estate can forfeit probate avoidance.
When to get help
Blended families, special-needs dependents, business interests, and taxable estates all justify professional guidance. For everyone else, the basic review above prevents the majority of real-world failures.
Educational content only — not legal advice. Consult an estate planning attorney for your specific situation.
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