Beneficiaries
The importance of designating beneficiaries.
You may be missing an essential part of your account: your beneficiary designations.
Take time to complete or review your beneficiary designations
By updating your account and ensuring that your beneficiaries are accurate and complete, you are protecting your interests and your loved ones. Ideally, your will or trust and your beneficiary designations will work together to accomplish your goals for your estate.
Log in to your account to add or update your beneficiaries.
Without beneficiaries
- May result in the money in your retirement plan(s) not being distributed according to your wishes.
- Many retirement plans indicate that if no beneficiary designation is chosen, your money will go to your estate. In this case, your assets may end up going through the probate process and the rules vary by state.
- You may cause hardship for your heirs as they try to resolve your intentions or wait for your estate.
- Incomplete or outdated beneficiaries could also cause challenges for your estate and result in your designations not matching your will or trust. This could make resolving your estate problematic for surviving heirs or result in your true intentions not being carried out.
Review Your Beneficiary Designations
Once a year and after any major life event, take the time to review your beneficiaries.