Short answer
A beneficiary designation can control an asset independently of a will. Review the named primary and contingent beneficiaries, plan for deaths and incapacity, and coordinate designations with trusts, taxes, family obligations, and the overall distribution plan.
Inventory every contractual transfer
Gather current confirmations for retirement accounts, annuities, life insurance, payable-on-death and transfer-on-death accounts, employee benefits, and any platform that names a recipient.
Test the backup scenarios
Run the edge cases first. Ask what happens if a beneficiary dies first, is a minor, receives means-tested benefits, cannot manage property, disclaims the asset, or is separated from the owner when death occurs.
Avoid isolated changes
A quick online beneficiary change can alter a carefully drafted plan.
- Compare percentages and per-stirpes terms
- Coordinate trust names and dates precisely
- Review former-spouse and court-order issues
- Consider income-tax consequences
- Save dated confirmations
- Recheck after employer or custodian changes