What Is a Beneficiary?
This is a person or organization you designate to receive your assets, both financial and physical, after your death. Your beneficiary doesn’t have to be a relative, and you can divide your assets among several people and organizations.
Why Is It Important to Update My Beneficiary?
Life changes quickly. That’s why it’s important to keep your beneficiary designations up to date, especially if your family or relationship status changes. Most people have funds and real estate they intend to pass on. How current your beneficiary information is can factor into where your assets actually go. Five minutes today can save your loved ones time and worry in the future.
How Do I Update My Beneficiary?
You need to designate and update your beneficiaries separately with each of the following, if you are enrolled:
- HealthEquity (Health Savings Account)
- MetLife (life insurance plans)
- TIAA (retirement savings plans)
- Fidelity Investments (retirement savings plans)
Keep a copy of all beneficiary designations and review them periodically. Review the steps you must take to update your beneficiary.
When Should I Update My Beneficiary?
Life changes are a good time to reevaluate your beneficiaries. Consider updating when you:
- Marry or enter a domestic partnership/civil union
- Divorce
- Have or adopt children
- Experience the death of listed beneficiaries
Keeping your beneficiary information updated is crucial to ensuring your lifetime of assets go to those you choose.
