Updating Beneficiary Designations to Coordinate with Your Trust

Now that you have a trust in place, it’s a good time to review your beneficiary designations for accounts like:

  • Retirement accounts (IRAs, 401(k)s, etc.)
  • Life insurance policies
  • Bank accounts with payable-on-death (POD) designations
  • Investment accounts with transfer-on-death (TOD) designations

In many cases, it may make sense to name your trust as the beneficiary of certain assets so those funds can be managed and distributed in accordance with the instructions you’ve included in your trust document.

Why This Matters

Naming your trust as a beneficiary helps ensure that these assets:

  • Transfer to the trust upon your passing without requiring probate
  • Are distributed with any protections or timing instructions you’ve built into your trust
  • Are available to support your loved ones in a way that reflects your goals and values

How to Update Your Beneficiaries

  1. Review your current designations.
    Check each account or policy to see who is currently named as the beneficiary.
  2. Decide if you want your trust listed.
    You can name your trust as either the primary or contingent beneficiary, depending on your planning goals. If you’re unsure, feel free to reach out and ask.
  3. Use the correct trust name.
    Be sure to use the full legal name of your trust. See your “Funding Instructions” document for more info.
  4. Update the forms directly with each institution.
    Contact your bank, retirement plan administrator, or insurance provider to request a beneficiary change form (often available online or through your account portal).
  5. Keep a record.
    Once submitted, save a copy of the confirmation or updated designation for your records. If you’d like, you can place it in the “Funding” or “Additional Documents” section of your estate planning binder.

A Note About Retirement Accounts

Retirement accounts (like IRAs or 401(k)s) have special tax considerations. Sometimes, naming a trust as beneficiary is the best move—other times, it may not be. If you’re unsure whether to list your trust as the beneficiary of a retirement account, we recommend speaking with a financial advisor or tax professional before making any changes.

We’re Here If You Need Us

If you have questions about which accounts to update—or how to list your trust properly—we’re happy to help. Email us anytime, and we’ll point you in the right direction.