You may update your will, but forget older beneficiary forms. This gap may cause issues later. In Washington, some financial accounts may pass based on the beneficiary listed with the company. These assets often move outside probate.
As a result, an outdated name may transfer assets to someone you did not intend. A simple review of key accounts may help keep your estate plan aligned with your current goals.
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Retirement plans and employer-sponsored benefits with beneficiaries
Your retirement plans often use separate beneficiary forms. These may include 401(k) plans, Individual Retirement Accounts (IRAs), pensions and Washington public retirement systems. Employer life insurance or deferred compensation plans may also list a beneficiary.
Each provider keeps its own record. When you update a will or trust, these accounts may stay the same. Life events such as marriage, divorce or a job change may signal a time to check the listed beneficiaries.
Life insurance policies and annuity contracts in estate planning
Life insurance policies and annuities may follow contract terms. Payment often depends on the latest form on file. Review primary and contingent beneficiaries. Also, check spelling, shares and ownership details. Small errors may create confusion or slow the process later.
Investment, brokerage and transfer-on-death financial accounts
Some financial accounts may transfer through beneficiary instructions instead of probate. Checking designated beneficiaries on these accounts may help you see who the account names. You may check these accounts for existing beneficiary designations:
- Brokerage accounts registered for transfer-on-death (TOD) designation
- Checking or savings accounts labeled as payable-on-death (POD) accounts
- Certificates of deposit (CDs) naming a designated beneficiary
- Investment accounts listing a designated beneficiary
Washington treats these as nonprobate transfers. The account agreement may control who receives the funds. You may also check account titles and beneficiary shares to keep records aligned.
Key considerations after reviewing beneficiary designations
After you identify these accounts, you may compare them with your current estate plan. The names listed on each account may help you spot gaps or older choices that no longer fit.
Missing backup beneficiaries or outdated entries may appear when you check your accounts. If something seems unclear, you might gather recent account statements first. Then you may review them with an estate planning attorney before making any changes.
