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A Sixty and Me report describes a practical afternoon review of beneficiary designations across retirement plans, insurance policies, annuities and eligible bank or brokerage accounts. It advises checking primary and backup beneficiaries, confirming records with institutions and seeking professional guidance when family or legal circumstances are complicated.
Sixty and Me has published a guide to reviewing beneficiary designations across retirement accounts, life insurance, annuities and eligible bank or brokerage accounts in one afternoon. The report says these designations can determine who receives certain assets, sometimes independently of a will, and recommends confirming records with each institution rather than assuming they changed after major life events.
The guide recommends gathering an inventory of accounts, access details or institution phone numbers, and the full legal names and dates of birth of intended beneficiaries before starting. It says the review should include accounts from former employers, which can be overlooked. For each retirement account, the report advises checking whether a beneficiary is listed, whether that person is still the intended recipient, whether a contingent beneficiary is named, and whether names are complete and accurate.
For workplace retirement plans, the source cautions that rules vary by plan and account type. It says a spouse may be the default beneficiary for many 401(k) plans and that changing the designation may require the spouse’s written consent, witnessed by a notary or plan representative. The plan administrator can confirm requirements for a particular plan. The guide also suggests contacting insurers about individual and employer-provided life coverage, and contacting annuity providers to confirm primary and contingent designations.
Some bank and brokerage accounts may offer payable-on-death or transfer-on-death designations, which, where available and applicable, can allow assets to pass directly to a named person outside probate. The report recommends asking the financial institution whether a designation is on file. After checking, it advises recording where confirmations are stored and setting a calendar reminder to review them again in a year.
Why Account Records Matter
A beneficiary form can have direct consequences for who receives particular assets. The report says designations on accounts such as IRAs, 401(k)s and life insurance policies may control distribution even when a will names someone else. That means a will alone may not reflect the current instructions held by a plan or insurer.
Reviewing the records can help identify outdated names, missing backups or accounts that were left behind after a job change. The guide particularly flags divorce, a death, remarriage or the arrival of a grandchild as reasons to check whether designations still match a person’s intentions. The effect of a life event is not necessarily automatic, and the applicable rules can depend on the account, plan and state law.
The practical value is not a guarantee that a particular distribution will occur. It is a way to verify what institutions currently have on file and learn what steps are needed to change it. Where circumstances are complex, the source recommends consulting an estate attorney or plan administrator rather than relying on a general checklist.
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Where Old Designations Persist
The report describes beneficiary forms as paperwork often completed during a busy moment, such as starting a job, refinancing or renewing a policy, and then left untouched. Its author recounts finding an old form with her husband listed and realizing she had not reviewed it since signing. That account is an illustration from the article, not evidence about how often forms are outdated.
The guide’s central point is that different assets are administered under different arrangements. A retirement plan, insurance policy, annuity and bank account may each have separate records and rules. The source therefore recommends checking with the relevant provider instead of assuming that a change in family circumstances—or an update to a will—has changed every designation.
For people who suspect they have a retirement account from a former employer but cannot locate it, the report identifies the U.S. Department of Labor’s Retirement Savings Lost and Found database as a possible starting point. It does not provide a count of forgotten accounts or quantify the consequences of outdated forms.
““For many retirement accounts and life insurance policies, the beneficiary designation controls who receives those assets, sometimes regardless of what your will says.””
— Sixty and Me report
Rules Depend on Each Account
The source does not establish what rules apply to any individual reader’s assets. State law, account type and plan terms may differ, including how divorce affects a designation and whether a spouse’s consent is needed to make a change. Those issues must be confirmed with the institution or a qualified professional.
The guide also does not say whether a particular account has an active designation, whether an old employer’s group coverage remains in force, or how a provider will handle a named minor. It notes that insurance proceeds generally cannot be paid directly to a minor, but says the resolution can vary. Readers should ask the provider or seek estate-planning guidance rather than assume a specific outcome.
Confirm Changes With Providers
The next step in the guide is to contact each plan, insurer, bank or brokerage where records need checking. Readers can ask who is currently listed, what forms are required to update a designation, and whether a contingent beneficiary is recorded. For employer plans, the plan administrator can explain consent and documentation requirements.
After any review or update, the report advises keeping a record of where confirmations are stored and setting a reminder to check again in a year. People with a recent divorce, blended family, a minor they hope to benefit, or other complicated circumstances can consult an estate attorney. The source does not provide a date for a follow-up report or changes to any specific law or policy.
Key Questions
Which accounts should be included in a beneficiary review?
The report recommends checking retirement accounts, life insurance, annuities, bank accounts and brokerage accounts, including accounts from former employers. The relevant institution can confirm whether it holds a designation.
Does a will determine who receives every account?
Not necessarily. The source says beneficiary designations for some retirement accounts and life insurance policies may control who receives those assets, sometimes regardless of what a will says. The rules depend on the account and applicable law.
Should I name a backup beneficiary?
The guide recommends checking for a contingent beneficiary, the backup named to receive assets if the primary beneficiary has died. It says default distribution rules may apply if the primary beneficiary is no longer living, but the outcome depends on the account or policy.
What if I am divorced or want to name a minor?
Contact the plan administrator or insurer to check how the specific designation is treated. The source says divorce rules vary and recommends estate-planning guidance when naming a child or grandchild who is a minor.
How often should beneficiary forms be reviewed?
The report suggests setting a calendar reminder to review them again in one year. It also identifies events such as divorce, a death, remarriage or a new grandchild as reasons to check sooner.
Source: sixtyandme.com
