The Beneficiary Blueprint Series, Part 1
By Echo McNeill, Associate Financial Planner, Elevage Partners
There’s a unique kind of quiet that fills an advisor’s office after a client says, “I thought I already took care of that.” It’s the sound of good intentions colliding with outdated paperwork.
Associate Financial Planner
Before joining Elevage Partners, I began my career at a large wirehouse firm in Beverly Hills, Calif. — a world of high expectations and high-net-worth clients who were deeply engaged in their investments. Yet, even in that environment, one of the simplest steps in financial planning was often overlooked: keeping beneficiary designations up to date.
It wasn’t neglect; it was human nature. People assume their will or trust governs everything, or they forget that account forms signed years ago still hold legal authority.
Unfortunately, I’ve seen more than one inheritance land in unintended hands, including an ex-spouse still listed on a retirement account or a child omitted because the form hadn’t been touched in a decade.
Each time, it wasn’t just a financial error. It was a heartbreak that could have been prevented with a five-minute update.
What’s at Stake
Your beneficiary designations determine who receives your retirement accounts, life insurance proceeds and other titled assets.
Here’s what surprises many people: these forms override your will and trust. That means if your estate documents say one thing, but your IRA form says another, the form wins.
This can happen easily. Life changes — marriages, divorces, births, losses — but paperwork doesn’t keep up on its own.
And unless your advisor knows about those changes, they can’t help you align your plan with your intentions.
Keeping Your Plan Aligned with Your Life
Most updates take just minutes. Yet that short task can spare your loved ones months or even years of probate delays, confusion and unintended consequences. Think of it as a quick annual check-in with your future self:
- Review beneficiary designations on retirement accounts, life insurance, and transfer-on-death (TOD) registrations.
- Confirm both primary and contingent beneficiaries.
- Let your advisor know immediately of any major life changes.
These are powerful but low-effort ways to protect your WHY.
Why It Matters at Elevage Partners
At Elevage, we believe true financial planning goes beyond investments. Comprehensive planning includes clarity, compassion and confidence in the details that shape your financial life, including your legacy. Ensuring your beneficiary designations reflect your intentions is part of that commitment.
When we review these forms together, it isn’t paperwork — it’s purpose.
It’s a moment to pause and ask, Does this still reflect who and what I care most about?
Looking Ahead
In next week’s article, we’ll explore how major life events — from a new marriage to a job change — can quietly make your designations out-of-date. You’ll see why even the most organized among us benefit from building a rhythm of regular reviews.
At Elevage Partners, we anticipate — we prepare.
If it’s been a while since you last reviewed your beneficiary forms, our team can help make the process simple and clear. Schedule a complimentary 30-minute conversation with me by clicking this link.
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