Who should I name as my beneficiary and how do I do so?
Who should I name as my beneficiary and how do I do so?
Your decision on who is awarded beneficiary is based on your specific circumstances. When deciding on a beneficiary, consider the people who rely on you financially. Remember that deciding who will receive your assets is an important decision to make because beneficiary designations cannot be modified after you pass away. It is true that selecting a beneficiary can be challenging in some instances. It may not be so simple for those with complicated family dynamics or for those who are unsure who they want to leave some or all their wealth to. Trying to select who should be your beneficiary in these situations might be stressful.
As you choose a beneficiary, consider the following questions:
§ Who is dependent on you for financial assistance? Ensure that they are listed as a beneficiary.
§ Who will be the trustee of your children's money till they become 18 if you have young children
§ Do you want to keep any assets in the family? (Items such as heirlooms, real estate, and so on.)
§ Do you want to contribute to any churches, charities, or nonprofit organizations?
All these considerations could play a role in determining who would be the beneficiary of your estate. Keep in mind, however, that there are no definitive laws when it comes to naming beneficiaries. At the end of the day, the decision is all yours.
You must however remember to update your beneficiary information on a regular basis, regardless of who you appoint as beneficiaries. Because things happen in life. A change in beneficiaries might result from a marriage, death, divorce, or a broken relationship.
Naming or changing a beneficiary at Jannou Credit Union
There is no hassle in updating your beneficiary at Jannou Credit Union. Simply call to book an appointment or visit any of our branches to complete the beneficiary form. When filling out the form, you must include the individual's entire legal name as well as their relationship to you. (Spouse, child, or mother, for example). Provide as much information as possible to assist in the verification and location of beneficiaries if necessary. You must always remember to keep your beneficiaries updated!
References
Davies, A. (2019, June 4). Who Should Be Your Life Insurance Beneficiary? | Haven Life. Blog | Haven Life. https://havenlife.com/blog/
Naming a beneficiary: What you need to know. (2018). Securian Financial. https://www.securian.com/
