CFO Corner Week 25: Your 10-Minute Beneficiary Check-Up

Most of us set our beneficiaries once — when we started a job, or opened an account years ago — and never looked again. Meanwhile, life changes. Relationships change. And those forms just sit there, quietly outdated. This week on CFO Corner, Meghan fixes that in 10 minutes — because here's the part most financial content skips entirely: the beneficiary names on your accounts legally override your will. It doesn't matter what your will says; whoever is listed is who gets the money.

Quick note: Meghan isn't an attorney and this episode is general education, not legal advice. For how your full estate is structured, talk to an estate planning attorney.

Episode Breakdown

Why this matters more than most people realize This isn't a morbid exercise — it's one of the most powerful ways to protect what you've already built. Meghan explains how beneficiary designations override your will, and the real-life scenarios where that goes wrong: an ex still listed from a decade ago, a spouse never added, a parent who has passed still on file.

What accounts need beneficiaries The specific list to check — retirement accounts (401(k), 403(b), IRA, Roth IRA), life insurance (both employer and private), bank accounts, and brokerage accounts. Plus the two most underused tools in personal finance: POD (Payable on Death) for bank accounts and TOD (Transfer on Death) for investments — free to set up, about five minutes each, and they let money transfer directly without probate.

How to do the check-up right now A four-step walkthrough you can actually do this week: log into your retirement portal and find the "Beneficiaries" section, check your life insurance through HR or your provider, call or log into your bank about a POD, and review your brokerage's TOD settings. If everything's current, the whole thing takes about 10 minutes.

What to look for and common mistakes Beyond just the name — is the person still in your life the way you intend? Is their info current and complete? Do you have a contingent (backup) beneficiary? Are you naming a minor directly (a common trap — minors can't legally receive a large sum, so this needs a trust or custodial setup)? And if you're unmarried, remember: a partner, friend, or sibling has to be named explicitly. There's no automatic assumption.

The bigger picture Why this topic gets skipped — it asks us to sit with something uncomfortable. But updating your beneficiaries is genuinely one of the most loving things you can do. It means the people you care about are protected, not fighting paperwork or waiting on a court process. That's what being the CFO of your own life actually looks like.

A note on going deeper If this check-up surfaces bigger questions, that's a nudge worth following. A basic will, a healthcare directive, and a power of attorney all work alongside your beneficiary designations — and that's a conversation for an estate planning attorney.

Action Steps

• Pick ONE account — just one — and go look at the beneficiary on file right now. Your 401(k) is a great place to start.

• Confirm the name is who you intend, and check whether a contingent (backup) beneficiary is listed.

• Ask your bank whether your checking and savings have a POD designation; add one if not.

• Check your brokerage accounts for TOD settings.

• If anything needs updating, do it before you close the app.

Send this to… The friend who's been "meaning to get their stuff in order," and anyone who's had a big life change — a marriage, a divorce, a new baby — in the last few years.