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Beneficiary Review Checklist

Keep your beneficiary information up to date with this easy-to-follow checklist to ensure your assets are distributed according to your wishes.

  • Check all life insurance policies, retirement accounts (401(k), IRA, etc.), and investment accounts to confirm the current beneficiaries listed.

  • Ensure the beneficiaries in your will and any trusts align with those on your financial accounts and life insurance policies.

Consider updating your beneficiaries after significant life events such as:

  • Marriage or divorce
  • Birth or adoption of children
  • Death of a family member or beneficiary
  • Change in financial circumstances

  • Confirm both primary and contingent (secondary) beneficiaries are listed on each account.
  • Make sure they are clearly defined in case the primary beneficiary is unable to inherit the assets.

  • Ensure that the people you’ve chosen are still alive and able to receive the benefits.
  • If your beneficiary is a minor, consider designating a custodian or trustee for the benefit until they come of age.

  • Understand the difference between “per stirpes” (by family branch) and “per capita” (by individual) to make sure your assets are divided according to your wishes. Learn More

  • If you’re unsure or need help updating your beneficiary designations, consider consulting with a financial planner or estate attorney for guidance.

  • After updating your beneficiaries, request confirmation from your bank, insurer, or investment firm and keep all documents in a secure, accessible place.

  • Inform your beneficiaries of their designation, especially if there are specific instructions or considerations that need to be understood.

  • Schedule a reminder to review your beneficiaries every 1-2 years to ensure everything remains up to date.

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The average estate takes 570 hours to administer.

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