How to Money · Wednesday, July 29, 2026
Chanelle Reynolds emphasizes that beneficiary designations on accounts like 401(k)s and life insurance policies supersede wills. She explains that outdated beneficiary information can lead to assets going to unintended recipients, highlighting the necessity of regularly updating these designations.
“So important? Right, Like in the case you just mentioned, you want your spouse, not maybe your best friend who tried to date your spouse, you know, to get the money and absolutely right.”
“So if you listed somebody twenty years ago on a four to oh one K that you started and then totally forgot about, and then next week spend a gazillion dollars on like the best will in the entire world, but forgot about that that person you named twenty years ago is the one who will get it.”
“So yes, transfer on death, payable on death. They trump the will, They beat the will. And nearly every financial account we all have has the option or the you can have a beneficiary designation.”