What happens to your money after you die

A short read

Before we start

This describes how beneficiary designations generally work. The details differ by country, state and province, and by the kind of account. It is general information, not legal or financial advice about your own affairs. The one action it suggests — checking your own forms — is free and involves no decisions.

Sources

How beneficiary designations operate: retirement accounts, pensions, life insurance and payable-on-death accounts pass by contract with the provider and generally outside the will. Rules differ by jurisdiction and by account type
The recurring case of stale designations naming a former spouse after divorce, and the general principle that the designation controls over the will