Many people name one person and never look at the form again. If that person dies, the form does not update itself. Some accounts let you choose what happens if a beneficiary dies first, such as passing that share to the beneficiary's children, but only if you select it. Others default to the remaining beneficiaries, the spouse, or the estate. Every company's rules differ, so ask yours how it handles this, and name at least one backup. Review the form whenever someone on it passes away, marries, divorces, or has a child.
