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Beneficiary Review Worksheet
By Jason Su · Updated September 30, 2026
Some accounts do not follow your will. They follow a form — the beneficiary designation filed with the account itself. A life insurance policy, a retirement account, or a bank account set up as payable on death will generally pay the person named on that form, no matter what the will says.
That is why this worksheet exists. Its job is not to list what you own. It is to find the accounts where the form is empty, says “my estate,” or names someone who should not be named anymore. Those are the boxes that send money somewhere you did not intend. For how the process works when it does go to the estate, see what is probate.
The three boxes that cause trouble
Empty. No beneficiary named. The account usually falls into the estate instead — more delay, more cost, and not the person you had in mind.
“My estate.” Sometimes written on purpose, often written by default. It means the money goes through the estate rather than straight to a person.
A name that is out of date. An ex-spouse who was never removed, a parent who has passed, a child whose name changed. The form still says what it says.
None of these are visible from the outside. You find them by opening the paperwork — which is the whole point of a review.
Two names, not one
Most beneficiary forms have room for a primary beneficiary and a contingent one. The contingent name is the backup: it receives if the first person has passed, cannot be found, or declines.
A form with only a primary name filled in is a form that can fail. If that person is gone, the money falls back to the estate — exactly the outcome the form was supposed to avoid. Fill in both lines wherever the form offers them.
The sheet
Accounts that pay on a form
| Account or policy | What kind | Beneficiary named | Contingent (backup) | Last checked | Action needed |
|---|---|---|---|---|---|
Accounts with no beneficiary form
These follow the will, or state law if there is no will. Different rules, different box to tick.
| Account or property | How it passes | Covered by the will or a trust? |
|---|---|---|
People who should know
| Who | What they need to know | Told on |
|---|---|---|
How to use it
- Start with the accounts that pay out, not with the folder. Insurance policies, retirement accounts, and any account set up as payable or transferable on death.
- Open each one and read the beneficiary line, rather than trusting memory. People are usually wrong about who they named.
- Write the action, not the intention. “Call the insurer for the change form” is an action. “Deal with this” is not.
- Fill in the contingent line wherever there is one.
- Put the review on a calendar once a year — after a marriage, a divorce, a birth, or a passing is the usual trigger. See how to review your plan once a year.
- Note where each policy’s paperwork lives on the Insurance Policy Tracker, so the review does not start by hunting for documents.
- Tell the people named. A beneficiary who does not know the policy exists cannot claim it, and cannot help you check it either.
Frequently asked
Does a beneficiary form really beat the will?
Generally yes, for accounts that have one. The form is a contract with the account provider, and it is read before the will is. That is why an old form can quietly undo a careful will — and why this review is worth an hour.
What if I want it to go to my estate?
Sometimes that is deliberate, and sometimes it is the right answer for a complicated situation. Either way, make it a decision rather than a default, and get advice if the estate is doing the work on purpose.
Can I name more than one person?
Usually, yes — often with a share for each. Be careful that the shares add up to 100%, and check who receives if one of those people is gone.
How often should this be reviewed?
Once a year is enough for most people, plus any time a life event changes who should receive what. An out-of-date form is one of the most common — and most fixable — problems in this whole area.
Do the rules differ by state?
Yes, and by account type. Community property states treat some of this differently, and some accounts have their own forms and limits. When the amount is significant, confirm with the provider and, where needed, an attorney in your state.
Next step
Open one policy today and read the beneficiary line out loud. That single minute tells you whether the rest of this worksheet is a formality or an afternoon’s work.
Then record where the paperwork lives on the Master Checklist so the next review starts with the documents, not a search.
This is a blank record sheet, not legal or financial advice. Beneficiary rules differ by account type and by state and change over time — please confirm the details with the provider and talk with a licensed professional about your situation.