Reviewing Beneficiaries & Hidden Accounts

It’s not glamorous work, but it’s loving work. Every January, I remind clients: check your beneficiaries. Life changes faster than paperwork.

You’d be amazed how often old names remain — an ex-spouse on a 401(k), a deceased parent still listed on an IRA. It’s not intentional neglect; it’s human nature. Behavioral researchers call it status quo bias — our tendency to leave things as they are, even when change would help.

Here’s your gentle checklist:

Retirement accounts: 401(k)s, IRAs, Roths.

Life insurance policies.

Transfer-on-death (TOD) accounts at banks or brokerages.

Old employer plans you might have forgotten.

And while you’re at it, gather any stray accounts — a savings bond in a drawer, an old credit union CD, a tiny 401(k) from your first job. Consolidating these isn’t just tidy; it’s strategic. It brings clarity and control back under one roof.

A client once laughed, “I didn’t realize I had five retirement accounts until we started digging.” We organized, rolled over, and created one cohesive plan. She later said, “I feel like I just decluttered my future.”

Reviewing beneficiaries and locating forgotten assets might not make headlines, but it brings peace — both now and for the people you love.

So pour a cup of coffee, open your files, and make this part of your annual January ritual. It’s five minutes of work that can prevent months of confusion later.

Updating your beneficiaries is one of the quietest ways to say, “I care about your peace someday, even when I’m not here to say it out loud.”