Your Will Says One Thing. Your Retirement Account Says Another. Who Wins?

sarabarnett2

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Important Estate Planning Lessons from the 2026 WealthCounsel Symposium

I recently attended the 2026 WealthCounsel Symposium in Las Vegas, where estate planning attorneys from across the country gathered to learn about developments in estate and trust planning.

One of the most valuable presentations I attended was by Denise Appleby, nationally known as "The IRA Whisperer." (Yes, that's really her nickname!) Her presentation, Retirement Assets in Estate Planning: Costly Mistakes That Derail Plans, highlighted something I wish more people understood: You can have a beautifully drafted Will or Trust, but if your retirement accounts aren't coordinated with your estate plan, things may not go the way you intended. And considering that retirement accounts are often among a family's largest assets, that's a pretty big deal.

Here are a few important takeaways.

1. Your Will Doesn't Necessarily Control Your Retirement Accounts

Many people assume that once they've signed their Will or Trust, they've taken care of everything. Not so fast.

Your IRA, 401(k), and other retirement accounts generally pass according to the beneficiary designation on file with the financial institution, regardless of what your Will says.

For example, suppose your Will leaves everything equally to your three children, but your 401(k) still names only your oldest child as beneficiary. Depending on the circumstances, that child may receive the entire retirement account, even though your Will says something different. And yes, an outdated beneficiary designation could even leave retirement savings to an ex-spouse. Talk about an unexpected plot twist.

2. Beneficiary Designations Are Not a "Set It and Forget It" Situation

One of the biggest reminders from the Symposium was the importance of regularly reviewing beneficiary designations. Marriage, divorce, the birth of a child, the death of a loved one, or even changing financial institutions should prompt a review. You should also make sure you've named backup beneficiaries in case your first choice dies before you.

And here's something that surprised many people: Simply requesting a beneficiary change doesn't necessarily mean it was completed. You need to confirm that the financial institution actually received, accepted, and processed the change. That little piece of paperwork deserves more attention than it usually gets.

3. Your Estate Planning Attorney and Financial Advisor Need to Be on the Same Team

Another important takeaway from the Symposium was that retirement planning involves more than understanding the tax laws. Every retirement account has its own governing documents, procedures, and requirements. The rules for an IRA may differ from those for an employer-sponsored 401(k), and even two IRAs can have different administrative requirements.

Your estate planning attorney may prepare a Trust that accomplishes your goals, but that Trust needs to work with your retirement accounts and beneficiary designations. Your financial advisor, CPA, and estate planning attorney should be working together to make sure your plan accomplishes what you actually want.

After all, everyone needs to be reading from the same playbook.

The Bottom Line: Don't Let a Forgotten Form Undo Your Estate Plan

One of the reasons I attend conferences like the WealthCounsel Symposium is to stay current on the issues that can affect my clients and their families. Estate planning isn't just about preparing documents and putting them in a binder. It's about making sure your assets pass to the people you choose, in the manner you intend, with an understanding of the potential tax consequences.

If you haven't reviewed your estate plan or retirement account beneficiaries in several years, it may be time for a checkup. And if your estate plan consists of a Will you signed twenty years ago and a retirement beneficiary form you vaguely remember completing sometime during the Clinton administration, we should probably talk. Because the last thing your family needs after losing you is to discover that your retirement account has a different plan than you did.

Sara E. Barnett is a partner at Spragins, Barnett & Cobb, PLC, in Jackson, Tennessee. Her practice focuses on estate planning, trusts, probate, and elder law.