Most people don't know this. However, many assets are not included in the probate estate because they are not distributed through a Will. This detail can lead to headaches you can avoid, as explained in the article “Your Beneficiaries Might Be Outdated. Here’s How to Check,” from Kiplinger.
The most critical thing to remember is that beneficiary designations supersede instructions in your Will. The beneficiary-designated assets will go directly to the beneficiary(ies), and even litigation can’t fix the problem.
Update both beneficiary designations and estate planning documents regularly. This is especially true after major life events, like marriage, divorce, birth, death, or relocating to a different state.
A recent survey of parents surprisingly found that only 36 percent remembered to complete the beneficiary form to name a designated beneficiary on major accounts, including retirement accounts and life insurance policies.
This should be a top priority for parents of minor children. One of the functions of a Will is to name guardians for minor children in the event their parents die before the children do. If there is no Will, or if the Will doesn’t name a guardian, the court will decide who will raise the children. It may be a person who the parents would never have chosen, or a relative in a distant state, requiring the children to compound the loss of their parents with the loss of their familiar surroundings.
Checking that designated beneficiaries are in place and current is easy. However, people often neglect it. Accounts that allow beneficiary designations typically include 401(k)s, Roth 401(k)s, other workplace retirement plans, traditional IRAs, Roth IRAs, life insurance policies and annuities. Distribution rules vary for annuities. However, an annuity may include a death benefit that passes to a designated beneficiary.
Assets provided through an employer are governed by federal law and may have their own distribution rules. Spouses are generally the primary beneficiary unless they waive that right formally.
Start by inventorying all accounts. If the account has a portal or a website, you may be able to check it for the beneficiary information. If there is no online information, call the plan administrator, insurance company, bank, or brokerage firm for help.
Check that the beneficiary(ies) is/are still the person(s) you want to receive the account and, whenever possible, name successor(s).
Reference: Kiplinger (Sep. 10, 2026) “Your Beneficiaries Might Be Outdated. Here’s How to Check”
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