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You can add or change a lump-sum beneficiary at any time. It's important to keep your beneficiary designation up to date.
It's important to name beneficiaries for life insurance policies and financial accounts to ensure that your assets pass quickly to your loved ones. It's even more important to review and update beneficiaries if you experience changes in your life to ensure that your assets end up in the right hands. ?
When you establish an IRA or 401(k), you complete a form to name your beneficiaries. Changes are made in the same way ? you complete a new beneficiary designation form. A will or trust does not override your beneficiary designation form. However, spouses may have special rights under federal or state law.
Can you change your beneficiary after you retire? That depends. If it's the beneficiary for your pension, in most cases the answer is no. If you choose a pension payment option that provides a lifetime benefit for a surviving beneficiary, you cannot change that beneficiary, even if they die before you do.
You can add or change a lump-sum beneficiary at any time. It's important to keep your beneficiary designation up to date.
Generally, you will need to fill out a change of beneficiary form which includes information such as the policyholder's name, the new beneficiary's name, and the reason for the change. You may also need to provide a copy of the policyholder's death certificate if the beneficiary is being changed due to their death.
The policy owner is the only person who can change the beneficiary designation in most cases. If you have an irrevocable beneficiary or live in a community property state you need approval to make policy changes. A power of attorney can give someone else the ability to change your beneficiaries.