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Beneficiary Audit Workbook

Most retirees have outdated beneficiaries on their largest accounts — and these designations OVERRIDE your will. The 90-minute audit that finds the gaps and fixes them.

Best for: Anyone who hasn't reviewed beneficiaries in 5+ years. Especially after divorce, remarriage, death of beneficiary, or birth of new family. Outdated designations cause some of the worst estate-planning mistakes.

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Who this is for

  • Anyone with multiple retirement accounts, life insurance, or bank/brokerage accounts
  • Recently divorced or remarried (top priority)
  • Anyone whose primary beneficiary has died
  • New parents/grandparents (add as contingent beneficiaries)
  • Anyone moving to a new state (state law affects rules)

What's inside

  • Master account inventory worksheet (all accounts, all beneficiaries)
  • Per-account beneficiary review checklist
  • Per stirpes vs. per capita explanation + when to use each
  • Contingent beneficiary planning
  • Special situations: minor children, disabled beneficiary, foreign-citizen spouse, charitable
  • State-specific automatic-revocation rules (divorce, marriage)
  • How to update beneficiaries with each major institution
  • Cheat sheet: account types + audit checklist + update process

Preview — Why beneficiary designations matter more than your will

Most people think of their will as the document that controls who gets their stuff. For many retirees, the will controls less than 30% of their estate. The rest passes via beneficiary designations — and those designations OVERRIDE the will.

Accounts that pass via beneficiary designation (NOT through will): 401(k), 403(b), IRA, Roth IRA, life insurance, annuities, pension survivor benefits, bank/brokerage accounts with TOD (Transfer on Death) or POD (Payable on Death), HSA accounts, 529 college savings.

Accounts that pass through will: anything in your name without a beneficiary designation. House (unless held in trust or with TOD deed), personal property, individually-owned brokerage without TOD.

For a typical retiree with $1M in retirement accounts, $200K in brokerage TOD, $250K in life insurance, plus a $400K house — the will controls the house and personal property (~$450K), while beneficiary designations control the rest ($1.45M). Updating beneficiaries is 76% of the estate's distribution.

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Full table of contents

  1. Why beneficiary designations matter more than your will
  2. The most common beneficiary mistakes
  3. The audit — account by account
  4. Per stirpes vs. per capita
  5. Special situations
  6. Updating beneficiaries — how each institution works
Key takeaways
  • Beneficiary designations OVERRIDE your will for many of your largest accounts.
  • Outdated ex-spouse beneficiaries are the most common (and most painful) mistake.
  • Always name a contingent beneficiary in case primary predeceases you.
  • Don't name minor children directly — name a Trust for Minors.
  • Foreign-citizen spouse has limited estate tax exclusion ($190K/year, 2026).
  • 401(k)/403(b)/TSP have spousal protection — non-spouse needs spousal waiver.
  • Per stirpes (descendants take the share) usually preferred over per capita.
  • Audit annually + after every major life event.
Action steps
  1. List EVERY account: retirement, life insurance, bank, brokerage, HSA, 529.
  2. Pull current beneficiary designation for each.
  3. Identify outdated designations (ex-spouses, deceased beneficiaries, no contingent).
  4. Update each one. Document confirmations.
  5. Add 'beneficiary review' to your annual financial review (December).
  6. After major life events (divorce, marriage, birth, death), trigger another audit.
Cheat sheet — Beneficiary audit quick reference
  • · Pass via beneficiary (NOT will): 401(k)/IRA/Roth/life insurance/annuity/TOD/POD/HSA/529
  • · Pass via will: house (unless TOD deed), personal property, no-TOD accounts
  • · Always name primary + contingent
  • · Per stirpes = descendants take the share if primary predeceases
  • · Per capita = surviving primaries split the share
  • · Minor children: name a Trust, not the child directly
  • · Disabled beneficiary: name a Special Needs Trust
  • · Foreign-citizen spouse: $190K/yr estate tax exclusion (2026)
  • · 401(k)/403(b)/TSP: spousal consent required if naming non-spouse
  • · Audit annually + after major life events

FAQ

What if my beneficiary designation conflicts with my will?+

Beneficiary designation wins for those specific accounts. Will controls the rest. This is why beneficiary designations need to be updated independently of will updates.

Can I name multiple beneficiaries?+

Yes. Most institutions allow you to specify percentages (e.g., 50% spouse / 25% child A / 25% child B). Make sure percentages add up to 100%.

What happens if I name 'my estate' as beneficiary?+

The asset goes through probate (slow + expensive). Generally only useful in specific scenarios (Medicaid asset planning, certain trust setups). Most retirees should name specific beneficiaries instead.

Do I need notarization for beneficiary updates?+

Varies by institution. ERISA-covered 401(k)/403(b) require notarized spousal waiver if naming non-spouse. Most other updates allowed without notarization. Confirm with each institution.

Pairs well with

Estate Planning Crash Course ($39)

Educational content only. SmartSeniorX is not a law firm, financial advisor, or tax preparer. For your specific situation, consult a licensed professional in your state.

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