Florida Residents
The Beneficiary Designation Audit Checklist
12 mistakes that can derail an estate plan — and how Florida families can catch them early.
Use this guide to review IRAs, 401(k)s, life insurance policies, annuities, transfer-on-death accounts, and similar assets where the beneficiary form may override your will or trust.
A tiny checkbox can produce a very large family argument.
- Pull every beneficiary form
- Check primary and contingent designations
- Confirm whether per stirpes is available and selected where intended
Why This Matters
A beneficiary form can decide whether a deceased child’s share passes to that child’s own children or is redistributed to surviving beneficiaries.
Per Stirpes vs. Per Capita, in Plain English
| Term | What it usually means | Practical result |
|---|---|---|
| Per stirpes | By branch of the family | If a child dies first, that child’s descendants usually take that child’s share. |
| Per capita | By head / among surviving beneficiaries | If a child dies first, surviving named beneficiaries often split the share instead. |
Not every custodian uses the same default rules. If you intend a family-branch result, verify that the account paperwork actually says so.
The 12-Point Beneficiary Audit
1
Check whether the asset even has a beneficiary form. Retirement accounts, life insurance, annuities, POD/TOD accounts, and some brokerage accounts often do.
2
Confirm the primary beneficiaries are current. Old spouses, deceased relatives, and outdated percentages are classic problems.
3
Confirm the contingent beneficiaries are current. A missing backup plan is how assets end up in the estate when nobody intended that result.
4
Review percentages. Make sure the math adds to 100% and reflects your current intent.
5
Verify legal names. Nicknames and incomplete identities create avoidable administration headaches.
6
Check minor beneficiaries carefully. Direct gifts to minors can trigger court involvement or custodial complications.
7
Review per stirpes vs. per capita. Do not assume the institution default matches your family goals.
8
Coordinate with your revocable trust. If your trust is part of the plan, the beneficiary form must align with it.
9
Review after marriages, divorces, births, and deaths. Life events should trigger a fresh audit.
10
Check business-related accounts too. Owners often ignore buy-sell funding policies, key-person coverage, and retirement plans tied to the business.
11
Look at tax-sensitive accounts with counsel. Naming a trust, estate, or certain individuals can produce consequences you should understand first.
12
Save copies of every confirmation. Keep the final beneficiary pages with your estate planning file so your advisers are not guessing later.