We’ve made it easier for you to keep track of your account beneficiaries by allowing you to record the ones you have on file at your financial institutions. You can do this by clicking into an account you've added and locating the section titled "Beneficiary list."
This feature helps you stay organized and makes it easier for your loved ones to settle your estate, but it's important to understand what this information means and how it works.
What Are Account Beneficiaries?
Account beneficiaries are individuals or organizations you’ve named at your financial institution to receive funds from a specific account after you pass away. These designations are often called:
- Transfer on Death (TOD) for investment accounts
- Payable on Death (POD) for bank accounts
- Beneficiaries on retirement accounts like IRAs or 401(k)s
These designations are managed directly through your bank, brokerage, or financial provider, not Trust & Will.
How Account Beneficiaries Differ from Beneficiaries in Your Estate Plan
You may have named different beneficiaries in your Trust & Will estate planning documents, such as your will or trust. However, it's important to know that account beneficiaries listed directly with your financial institutions take precedence over what’s written in those documents for those specific accounts. This approach is common because it allows the funds to bypass probate. Using both account beneficiaries and estate planning documents together is a smart way to build a comprehensive estate plan.
Why Include this Information in your Trust & Will Plan?
While we don’t control these designations and can’t make them legally binding, adding them to your Trust & Will account is still valuable:
- Visibility: See all your account beneficiaries in one place
- Insights: Get guidance on missing or inconsistent beneficiary information
- Preparation: Make it easier for your Legacy Contact to locate key accounts and understand your wishes when the time comes
Important Reminder
Your financial institution is the source of truth for account beneficiaries. The information you enter into Trust & Will is only for planning and reference purposes. You'll need to contact your financial institution directly to make or update your beneficiary designations.
If you’re unsure who your current account beneficiaries are, we recommend logging into your financial institution’s website or calling their customer support to confirm or update your designations.