Do you know who will inherit your assets after you’re gone? Choosing beneficiaries for all your financial accounts ensures your funds are distributed according to your wishes and provides clear instructions for your estate. This important step may allow your loved ones to avoid probate—when a court distributes your assets.
Keep in mind that not all your assets will pass through your will. Accounts that are jointly owned, have a named beneficiary, or are a ‘payable upon death’ often supersede any will.
Beneficiaries will receive your assets after your death, so it’s important to name a beneficiary for all financial accounts. Life events such as marriage, divorce and children may require a change in beneficiary. Reach out to your financial institutions to make sure you understand the rules and restrictions for designating and updating your beneficiary, and review accounts yearly to make sure the information is up to date. If you name a child or someone with a disability as a beneficiary, consider working with a tax advisor or financial professional. They can advise you on the financial, personal and legal considerations.
Update your beneficiaries quickly online by logging in and selecting My Account. Here you can view and update your beneficiaries for your DRS plans, including DCP. If you are already retired, contact DRS to update your beneficiaries, because you could have a survivor as well.
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