How to Review Every Beneficiary Designation You Have

Review all your beneficiary designations annually to ensure accounts go to the right people when you die.

  1. List every account that has beneficiary designations. Write down all your retirement accounts (401k, IRA, Roth IRA), life insurance policies, bank accounts, and brokerage accounts. Include accounts from old jobs — that 401k from three jobs ago still has a beneficiary form on file. Don't forget HSAs, which also pass directly to beneficiaries.
  2. Contact each institution to get your current forms. Call or log into each account to request copies of your beneficiary designations. Many companies let you view these online, but some require a phone call. Write down exactly who you named as primary and contingent beneficiaries, plus what percentage each person gets.
  3. Check that primary beneficiaries match your current wishes. Verify the people you named are still who you want to inherit these accounts. Life changes like marriage, divorce, new kids, or deaths in the family often make old designations wrong. If you're divorced, most states don't automatically remove ex-spouses from beneficiary forms.
  4. Verify you have contingent beneficiaries for every account. Name backup beneficiaries in case your primary choice dies before you do. Without contingents, accounts might end up in probate court instead of going directly to your next choice. Most people name their kids, siblings, or parents as contingent beneficiaries.
  5. Update any forms that need changes. Submit new beneficiary designation forms for accounts that need updates. Use full legal names, Social Security numbers, and birthdates to avoid confusion. Most institutions require original signatures — you usually can't update these forms online.
  6. Set an annual reminder to repeat this review. Put a recurring calendar reminder for the same time each year to review all beneficiary designations. Many people do this during tax season or around their birthday. Store copies of all current forms in a safe place where your family can find them.