Florida Beneficiary Designation Checklist

Beneficiary designations are the most powerful — and most overlooked — estate planning tool in Florida. A properly designated account bypasses probate entirely, transferring directly to your named beneficiary upon presentation of a death certificate. No court filing, no attorney fees, no waiting.

The problem: beneficiary designations override your will. An outdated designation naming your ex-spouse, a deceased parent, or "my estate" can funnel assets into exactly the wrong hands — and no amount of will drafting can fix it.

Accounts That Use Beneficiary Designations

Pay-on-Death (POD) Accounts

POD designations are available on checking accounts, savings accounts, money market accounts, and certificates of deposit at most Florida banks and credit unions.

When you add a POD beneficiary, the account passes directly to that person at your death. The beneficiary has no access to the account during your lifetime — they cannot make withdrawals, see the balance, or receive statements.

How to set it up: Contact your bank and request a POD beneficiary form. Most banks process this as a simple signature card update. There is no fee.

Transfer-on-Death (TOD) Accounts

TOD registrations work the same way for brokerage and investment accounts. You name a beneficiary who inherits the account at your death, outside of probate.

Florida Statute 711.50 through 711.512 (the Florida Uniform TOD Security Registration Act) authorizes TOD designations on stocks, bonds, mutual funds, and brokerage accounts.

Important distinction: Florida does not have a statutory TOD deed for real property. You cannot use a TOD designation to transfer your house — that requires a Lady Bird deed, a trust, or a will.

Totten Trusts (In-Trust-For Accounts)

A totten trust is a bank account titled "in trust for" a named beneficiary. Like a POD account, the funds pass directly to the beneficiary at death without probate. The account holder retains full control during their lifetime.

Totten trusts and POD accounts accomplish the same result — the terminology varies by institution. Some banks use "in trust for" language; others use formal POD designations.

Life Insurance and Retirement Accounts

Life insurance proceeds, 401(k) balances, 403(b) accounts, and IRA distributions pass directly to named beneficiaries by contract. These assets never enter the probate estate as long as a living beneficiary is named.

The Audit Checklist

Review every account against these questions:

Is a beneficiary named at all? An account with no beneficiary designation becomes a probate asset. This is the most common gap.

Is the primary beneficiary still the right person? After a divorce, remarriage, or estrangement, outdated designations create unintended transfers. Florida law does not automatically revoke beneficiary designations upon divorce (with the narrow exception of certain revocable trusts under Florida Statute 732.703).

Is a contingent beneficiary named? If your primary beneficiary predeceases you, a contingent beneficiary prevents the account from falling into probate. Without a contingent, the proceeds go to the primary beneficiary's estate or become part of your probate estate — depending on the account terms.

Does the designation conflict with your will? The designation wins. If your will says "everything to my children equally" but your IRA designation names only your oldest child, the oldest child gets the IRA regardless of the will.

Are you naming minors directly? Minor children cannot directly inherit financial accounts in Florida. If a minor is named as beneficiary, a court-supervised guardianship of the property is required. Name a trust (or a UTMA custodian) as beneficiary instead.

Are you naming "my estate" as beneficiary? This defeats the entire purpose. Assets designated to "my estate" become probate assets — subject to creditor claims, court fees, and the full probate timeline.

The Coordination Problem

Individual designations are simple. Coordinating them across a dozen accounts, a will, a trust, and a Lady Bird deed is where estate plans break down.

The typical failure: a homeowner creates a revocable trust, transfers the home, updates the bank accounts — and forgets to update the 401(k) beneficiary from 15 years ago. The 401(k) (often the largest single asset) goes to the wrong person, and the trust cannot override it.

Annual reviews catch these gaps. Set a calendar reminder to review every designation at least once a year and after every major life event — marriage, divorce, birth of a child, or death of a named beneficiary.

The Florida Basic Estate Planning Kit includes a beneficiary audit worksheet that maps every account to its designation, flags conflicts with your will or trust, and identifies accounts with missing or outdated beneficiaries.

See more Florida guides →