Q: What happens if I forget to name a beneficiary on one of my retirement accounts?

A: If you forget to name a beneficiary on your retirement account, the assets in the account typically do not avoid probate and may end up being distributed according to your will (if you have one) or based on state intestacy laws if you don’t. In some cases, the account agreement might specify a default beneficiary, such as a spouse, children, or your estate, but this can vary depending on the account provider’s terms. Without a named beneficiary, the retirement account’s distribution may be delayed or subject to probate, and certain tax benefits of the account could be lost. To avoid these complications, we recommend reviewing and updating your beneficiary designations regularly.