IRA accounts
To change your IRA beneficiary designation, submit an updated beneficiary designation form to the custodian. The prior designation is replaced in full once the new form is on file. There is no limit to how many times you can update your designation.
Solo 401(k) accounts
With a Solo 401(k), you manage your own plan records. To update your beneficiary designation, complete a new beneficiary designation form and replace the prior version in your plan files. Keep the updated form with your other estate planning documents so it is accessible to your executor or successor.
When to review your designation
Beneficiary designations can become outdated quickly. Review yours after any significant life event, including marriage, divorce, the birth or adoption of a child, the death of a named beneficiary, or a major change in your estate plan. A designation that made sense when you opened your account may not reflect your current wishes.