October 25, 2022
Many times when we ask a member to name a beneficiary to their account(s), we hear, “I’ll do it later.” or even…”I won’t be here anymore, so it won’t really matter, will it?”
We understand it is difficult to think about end-of-life business matters. However, listing a beneficiary on all your financial accounts makes end-of-life matters just a little bit easier for those left to work through the loss of a loved one.
The reality is listing a beneficiary DOES matter. It matters quite a lot.
Naming a beneficiary on financial accounts does several things.
We have helped many family members work through the business side of losing a loved one.
Not only is the loved one managing the grief, but they also have to work through the arduous process of finalizing the financial affairs of the decedent.
If beneficiaries aren’t named on accounts nor have a Last Testament and Will in place, it is much more stressful for family members to manage end-of-life and access funds to pay for expenses.
Additionally, if there’s not a directive from the account holder of where the funds need to go after the account holder’s death. Those funds may very well end up being awarded by the state. Depending on the state, assets could be distributed to anyone… including ex-spouses.
Naming a beneficiary (or beneficiaries) to your financial accounts will make life just a bit better for your loved ones working through the grief of losing someone. They will thank you for it.
Call us to check if beneficiaries are named on your Journey Credit Union accounts.
Adding or changing beneficiaries is quick and easy. We’re happy to help.
Disclaimer: Journey Credit Union is not an estate planner nor are we attorneys or acting as attorneys. We are providing this information simply as a reference guide. For legal advice in estate planning or end-of-life planning please consult a licensed professional.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
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