Refresh your beneficiary, relax your mind
If your family or relationship status changes, it’s time to review your beneficiary designations. Five minutes today can save your loved ones time and worry in the future.
What is a beneficiary?
A person or organization you designate to receive your assets after your death. These could be both financial and physical. Your beneficiary does not have to be a relative.
Why is it important to update my beneficiary?
Most people have funds and real estate they intend to pass on. How current your beneficiary information is, can affect where your assets actually go.
How do I update my beneficiary?
You will need to change your beneficiaries across each of your plans.
- MetLife (life insurance plans)
- TIAA (retirement savings plans)
- Fidelity Investments (retirement savings plans)
When should I update my beneficiary?
Life events are a good time to reevaluate your beneficiaries. Consider updating when you:
- Marry or enter a domestic partnership/civil union
- Have or adopt children
- Experience the death of listed beneficiaries
Ensure your lifetime assets go to those you’ve selected. Keep your beneficiary information updated.
This story first appeared in UHR News. Click here to subscribe!