Love and money: Beneficiaries and why they matter

Love isn’t always about grand gestures. Sometimes, it’s the small, intentional steps that matter most. One of those steps that speaks volumes is making sure your loved ones are cared for, even after you’re gone.

By naming or updating your beneficiaries, you can help ensure your assets transfer directly, avoiding probate, easing stress for loved ones and offering the lasting gift of security and a meaningful legacy.

Why it matters

Most people believe if they have a will in place, they are good to go. But that’s not always the case.

Did you know beneficiary designations take priority over a will?¹ Keeping them up to date helps make sure your assets transfer directly to the people you choose. This simple step can help avoid probate, legal complications and tax surprises and ease stress for your loved ones during an already difficult time.² And remember, when your life changes, so too should your designations. If you divorce or remarry and forget to update your beneficiary, your ex-spouse could receive your retirement account, even if your will says otherwise.

When was the last time you reviewed your beneficiary designations?

Take a moment to review accounts such as retirement savings (401(k), IRAs, pensions), brokerage accounts, annuities, bank accounts, HSAs, education savings plans, trusts, real estate deeds and life insurance policies.³ Keeping your beneficiary information current helps ensure your wishes are clear and your loved ones are protected.

This list isn’t exhaustive, but it shows how many accounts may need attention and why it’s important to update or choose a primary beneficiary. You may also consider naming secondary beneficiaries in case something happens to your primary. You can list multiple people and decide what percentage each should receive. And don’t forget to use full legal names to avoid complications later.⁴

What to know when naming a minor

If your child is named as a beneficiary in your will and/or accounts, doing so without a trust or custodian can lead to challenges. In addition, any minor with a disability receiving government benefits could face reduced benefits.³

Protect what matters most

Taking a moment to name your loved ones as beneficiaries is a simple yet powerful way to protect what matters most. It’s one of the quickest, easiest steps you can take to help safeguard your wishes and support financial well-being for the people you care about.

Ready to get started?

Log in to your employer-sponsored Voya retirement savings plan and review your beneficiary information today. From your dashboard:

1. Hover over your name in the upper right-hand corner
2. Select “Personal Information”
3. Scroll down to “Beneficiary Information” to view or make changes to your beneficiary designations

Be sure to review often and update whenever life changes, then check other financial or insurance accounts to keep assets in the hands of those you love — long after you’re gone.