Update your beneficiaries

If a person fails to complete or update a beneficiary form, we are forced to look to the default beneficiary as indicated on the custodial form or plan document. With a default beneficiary, the organization in charge of the account essentially dictates who receives your assets after death.

This could be the estate, or a succession of possible beneficiaries could be delineated. For example, plan documents often list a sequence of beneficiaries, like 1 surviving spouse; 2 surviving children; 3 surviving parents; 4 brothers and sisters; and 5 estate. Do you want your account custodian to name your beneficiary for you? Of course not. But have you experienced a life change — marriage, birth, the death of a loved one?

Has it been many years since you opened your account? Check your beneficiary forms. It never fails to surprise how many people think their beneficiary information is correct when, in fact, their forms are missing, incomplete, or simply list the wrong person. Be like Ron. Get your beneficiary act together. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc.

Please be advised that prior to distributing re-branded content, you must send a proof to matt irahelp. Please contact Matt Smith at matt irahelp. Once you mail it back to us, we can make the change to your account beneficiary. Note that Northwest Community Credit Union is not responsible for the product, service, security, or overall website content available at the linked site. Note that if you enter into a transaction with a linked site, NWCU does not represent you or the third party. Please review the policies of the site you'll be visiting, because they may differ from Northwest Community Credit Union's.

The presumption is that the heirs named in your will should receive the proceeds, but this could be challenged as beneficiary designations may supersede your will. While you are updating your beneficiary forms , be sure to also look at other critical but often forgotten documents such as power of attorney, health care proxy, and safe deposit box co-signer form. Call This information is not legal or tax advice. Information is from sources deemed reliable. Information is subject to error, omission, withdrawal, or change.

Contact your own legal or tax advisor before taking any action that would have a legal or tax consequence. Did you know we have a wide array of products and services to help you on your financial journey?