What Happens If You Don’t Name Beneficiaries?
The Importance of Naming Beneficiaries for Your Accounts
Retirement Accounts and Beneficiary Designations
“If you’ve had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?’ ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance?’
It’s always good to check into your retirement accounts and consider if you are saving enough and if your investments are properly balanced. However, what’s just as important is whether you’ve reviewed named beneficiaries for these and other accounts. The recommendation comes from the article titled “Review your IRA, 401(k) beneficiaries” from Idaho State Business Journal, and it’s sound advice.
The Consequences of Overlooking Beneficiary Details
In more cases than you might think, people overlook this detail, and their loved ones are left with the consequences. After all, you opened those accounts long ago, and who even remembers? Does it really matter?
In a word, yes. What if your family circumstances have changed since you named a beneficiary? If divorce and remarriage occurred, do you want your former spouse to receive your IRA, 401(k) and life insurance proceeds?
Updating Beneficiary Designations Regularly
The Impact of Life Changes on Beneficiary Designations
The Role of Contingent Beneficiaries
Ensuring Accurate Beneficiary Information
Gathering Information on All Your Accounts
This is an easy thing to fix, but it takes diligence and in some cases, a fair amount of time.
Start by gathering information on all your accounts, including retirement, checking and savings accounts, 401(k)s, pension plans, insurance policies and any accounts containing assets you want to pass to loved ones. If you see anything incorrect or outdated, immediately contact the financial institution, your company’s benefits manager or your insurance representative to request a change-of-beneficiary form.
Correcting Outdated or Incorrect Beneficiary Details
Involving an Estate Planning Attorney
Documenting Beneficiary Designations in Your Estate Plan
Addressing Special Circumstances with Beneficiaries
Managing Assets for Minor Children
Creating Trusts for the Benefit of Minors
Attorney Benjamin Long
Benjamin Long is the founding attorney at Schlagel Long, LLC, an estate planning and probate law firm in Olathe, Kansas. Ben specializes in helping families manage beneficiary designations for retirement accounts, insurance policies, IRAs, and other financial assets, ensuring their loved ones are protected and inheritances flow according to their wishes.
Understanding the risks associated with overlooking or neglecting beneficiary designations, Ben provides clear guidance on updating and documenting beneficiaries, addressing life changes such as divorce, remarriage, or the birth of children. He emphasizes the importance of naming contingent beneficiaries, managing inheritances for minors through strategic trust planning, and ensuring that beneficiary designations align with clients’ broader estate plans.
Benjamin earned his Juris Doctor from Washburn University School of Law, receiving a Certificate in Advocacy and induction into the Order of the Barristers. He holds a Bachelor of Science from Kansas State University. Recognized by Super Lawyers as a Rising Star and recipient of Martindale-Hubbell’s Client Distinction Award, Ben offers authoritative and practical advice, emphasizing precision and attention to detail when navigating complex beneficiary issues.
Outside of his practice, Ben serves as adjunct faculty at Washburn Law School and coaches the Kansas State University Mock Trial Team. He lives in Olathe with his wife, Dr. Andra Long, and their two daughters.


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