What You Need to Know About Beneficiary Designations
Including How to Update Them
Anytime you start a new job, you fill out the necessary paperwork for your retirement account and life insurance policy. This includes listing the beneficiary, or beneficiaries, of each. But, you may not have a full understanding of what that means. Learn more about this important choice.
Q. What is a beneficiary designation?
A. Beneficiaries are the people and/or organization(s) that you designate to receive an asset (such as a retirement plan or life insurance policy) following your passing.
Q. Won’t my will take care of distributing my retirement plan assets and life insurance?
A. No. These assets pass outside of your will. To make sure they go to the right people and places, be sure to let your beneficiaries know that you’ve named them.
Q. Can I change my beneficiaries?
A. Yes. You can update your beneficiaries at any time. Simply request a change-of-beneficiary form from your plan administrator (or download a copy from their website).
Q. How often should I review my beneficiaries?
A. You should review your beneficiaries regularly. However, life events such as marriage, the birth of a child or the loss of a loved one should trigger an additional review.
Take the Next Step
If you’ve decided to support the YMCA by naming us as a beneficiary of your retirement plan assets or life insurance, please let us know by contacting Frank Teplin at [email protected] or (858) 514-4491. It would be our honor to thank you and ensure your gift is used as you intend.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.