Retirement vs. nonretirement accounts
Vanguard offers different beneficiary options for retirement accounts and nonretirement accounts—we’ll walk you through those here.
Retirement accounts
The beneficiary designations that you make on a retirement account, like an IRA supersede any other instructions you leave, including your will. So, if your will states that your spouse is your IRA beneficiary, but the IRA itself designates your children as your beneficiaries, your children will inherit your IRA.
If you don't designate beneficiaries for your IRA, your assets will pass to your spouse (if you're married at the time of your death) or your estate (if you're not married at the time of your death).
Learn more about your IRA beneficiary options
Nonretirement accounts
The decision whether to name beneficiaries on your nonretirement accounts should be made in the context of your estate plan. Depending on the choices you've already made, your nonretirement accounts may not need beneficiaries. Consult an estate-planning attorney to determine what's best for you.
Learn more about your nonretirement account beneficiary options