Key Takeaways
- Beneficiary designations usually override what a will says.
- Life changes — marriage, divorce, new grandchildren — are reasons to review.
- A review takes minutes and costs nothing.
01What a beneficiary is
A beneficiary is the person (or people) you name to receive money from accounts like life insurance policies, retirement accounts, and certain bank accounts. When you pass away, these accounts typically pay directly to the named beneficiaries.
02The surprise most families don't expect
Beneficiary designations generally override your will. That means an old form — perhaps naming someone from an earlier chapter of life — can control where money goes, even if your will says something different.
It's one of the most common gaps families discover, and one of the easiest to fix.
03A simple habit
Review your beneficiaries once a year and after any major life event. Confirm names are spelled correctly, consider naming backup (contingent) beneficiaries, and keep a note of where each account is held.
Have questions about your situation?
A complimentary Legacy Review is a relaxed, educational conversation — no pressure, no obligation.
SCHEDULE A LEGACY REVIEWThis article is educational only and is not legal, tax, investment, or financial advice. Estate-planning documents and legal advice should be provided by a qualified attorney.