See what message from the STWS inbox had both Ed and Dan flabbergasted. This episode is all about the importance of beneficiaries – including contingent vs. successor.

FedLife Podcast (ep. 105): Why You Should Fill Out Your Beneficiary Forms!

Setting up beneficiaries for your financial accounts? This can include bank, investment, and TSP accounts – as well as for life insurance, annuities, and unpaid compensation in the event of death while still in service. Ed and Dan go over the importance of having a named beneficiary. Make sure your assets go to the loved ones you intend.

Featured in this episode:
• Types of accounts where you can name a beneficiary
• Don’t forget to change beneficiaries when you have to!
• What happens if you don’t name a beneficiary?
• Probate, order of precedence, estate taxes
• Primary vs. secondary and contingent beneficiaries
• What is a successor beneficiary?
• Learn about a “Death IRA”

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Why Federal Employees Should Fill Out Their Beneficiary Forms!

Being a federal employee comes with numerous benefits and the peace of mind that you and your family are taken care of. However, it is crucial to remember that even as a federal employee, you need to take proactive steps to ensure your loved ones are protected financially in the event of your passing. One essential action to achieve this is filling out beneficiary forms for your federal benefits.

So, why is it important for federal employees to complete their beneficiary forms? Let’s explore a few reasons:

1. Ensuring Distribution of Benefits:
Filling out beneficiary forms helps ensure that your federal benefits are distributed according to your wishes. These forms enable you to designate individuals or organizations that will receive your benefits after your passing. Without a properly completed beneficiary form, your benefits may be subject to intestate succession laws or default designations, potentially resulting in unintended beneficiaries receiving your benefits.

2. Speeding Up the Process:
By completing beneficiary forms, you can significantly speed up the process of distributing federal benefits to your loved ones. Having designated beneficiaries eliminates the need for lengthy probate proceedings, which can be time-consuming and costly. Instead, your benefits can be quickly distributed to the intended recipients, helping them during what can already be an emotionally challenging time.

3. Flexibility and Control:
Beneficiary forms offer you flexibility and control over your federal benefits. These forms allow you to name primary beneficiaries, who will receive the benefits upon your death, as well as contingent beneficiaries, who will receive the benefits if the primary beneficiaries predecease you or are unable to claim the benefits. Additionally, you have the power to update and change these designations as needed, allowing you to adapt to life events such as marriage, divorce, births, or deaths in the family.

4. Guaranteed Protection for Your Loved Ones:
Filling out beneficiary forms ensures your loved ones receive the financial protection you intended to provide. Whether it is your life insurance, retirement funds, or Thrift Savings Plan (TSP), having properly designated beneficiaries ensures that these benefits go directly to your chosen individuals or entities, allowing them to maintain financial stability and security.

5. Ease of Completion:
Completing beneficiary forms for your federal benefits is relatively simple and straightforward. Most agencies provide these forms online, making it convenient for you to access and fill them out. You can typically update or change your beneficiary designations at any time, ensuring your forms remain accurate and up-to-date.

In conclusion, federal employees should proactively complete their beneficiary forms to protect their loved ones and guarantee that their federal benefits are distributed according to their wishes. By doing so, you can expedite the process, maintain control over your benefits, and provide financial security for your family and dependents. Take the time to fill out these forms today, and regularly review them to ensure they align with your current circumstances.