I have several accounts 401k, Roth IRA, etc. at a variety of different financial institutions (Fidelity, Vanguard, local Credit Union, etc). I want to set up my beneficiaries like the following:
- I die -> everything goes to spouse
- spouse and I die -> everything to children
- spouse, I and kids die -> everything goes to my brother
How do I go about setting that up? Is a will the best method, or should I designate primary and contingent beneficiaries on every account?