The Beneficiary Review Checklist

Your beneficiary form overrides your will. One stale designation can send your money to an ex-spouse, force a six-figure account through probate, or wipe out the IRA stretch for your kids. This printable checklist walks you through every account — so the right people inherit the right money.

Covers life insurance, 401(k)s, IRAs, annuities, HSAs, bank & brokerage accounts
6 costly beneficiary mistakes — and exactly how to fix each one
Printable, branded PDF you can take to every custodian

Your checklist

Walk through every account, one by one.

Check each box as you confirm it with the custodian or carrier. If anything is missing, blank, or out of date — that's a fix to make today.

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Life insurance policies

Every term, whole life, and IUL policy listed
Primary beneficiary named (person, trust, or estate)
Contingent (backup) beneficiary named
Percentages add up to 100% on each policy
Full legal names, dates of birth, and SSNs on file

Retirement accounts (401(k), 403(b), IRA, Roth IRA, SEP)

Each account reviewed at the custodian (not just on a statement)
Spouse listed as primary if married (required by ERISA on most 401(k)s)
Contingent beneficiaries listed for each account
Per stirpes vs. per capita election understood and chosen
Old employer 401(k)s checked — these are the most commonly forgotten

Annuities

Owner, annuitant, and beneficiary roles confirmed (they are not the same)
Spousal continuation option elected if appropriate
Stretch / non-qualified stretch provisions understood
Contingent beneficiary named on every contract

Bank & brokerage accounts

Payable-on-Death (POD) on checking and savings accounts
Transfer-on-Death (TOD) on individual brokerage accounts
Joint accounts reviewed for right of survivorship
Safe deposit box access plan in writing

Health & long-term care

HSA beneficiary named (spouse keeps tax treatment, others don't)
Long-term care policy beneficiary / refund-of-premium option named
Power of Attorney for healthcare on file
Living will / advance directive completed

Estate & legal documents

Will or revocable living trust updated within the last 5 years
Trust is properly funded (assets actually retitled in trust name)
Beneficiary designations match — and don't contradict — the will or trust
Executor / successor trustee notified and has document locations

Don't miss these

6 Beneficiary Mistakes That Cost Families the Most

Naming a minor child directly

Fix: Money to a minor goes through court-supervised guardianship. Name a trust for the child instead.

Naming 'my estate' as beneficiary

Fix: Forces assets through probate and can destroy the IRA stretch. Name a person or properly drafted trust.

Forgetting to update after divorce or remarriage

Fix: Your ex stays on the policy unless YOU remove them — the divorce decree alone often doesn't change it.

Leaving the contingent beneficiary blank

Fix: If your primary dies before you (or with you), the money defaults to your estate and probate.

Mismatched percentages

Fix: Some custodians reject a form that doesn't total exactly 100%. Double-check the math.

Trust named but not funded

Fix: A trust without retitled assets does nothing. Verify each account is actually owned by the trust.

Want a second set of eyes on yours?

Michael can review every beneficiary across your policies and accounts in one short call — and help you fix the gaps without selling you anything.

Schedule a free review 856-676-9358 Email Michael

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The Beneficiary Review Checklist

Get the checklist — it's free

Walk through every account, one by one.

6 Beneficiary Mistakes That Cost Families the Most

Want a second set of eyes on yours?