Life is full of changes, and as we navigate through milestones such as marriage, the birth of children, or the loss of loved ones, it’s crucial to ensure that our financial affairs reflect our current wishes. One often overlooked aspect of financial planning is keeping beneficiary designations up to date. At Members Exchange Federal Credit Union (MEFCU), we understand the significance of this task and are here to guide you through the process.

Why Updating Beneficiaries is Critical

Beneficiary designations play a crucial role in your financial accounts, encompassing retirement plans, life insurance policies, and other financial instruments. These designations determine who will inherit the assets in these accounts after your passing, surpassing even the directives in your will.

Failing to update your beneficiaries can lead to unintended consequences, like ex-spouses receiving benefits or new family members unintentionally excluded. The United States Supreme Court has emphasized that beneficiary designations take precedence over wills, underscoring the importance of keeping them current.

How to Update Your Beneficiaries at MEFCU

Updating your beneficiaries with MEFCU is a straightforward process:

1. Visit a Branch: Discuss updating your beneficiary designations with our knowledgeable staff at any MEFCU branch.
2. Request a Beneficiary Update Form: Alternatively, request a beneficiary update form for convenient completion.
3. Notarization: After filling out the form, it needs notarization, a crucial step to verify your identity and intention. For your convenience, MEFCU has notaries available at each of our branches.
4. Return the Form: Return the notarized form to MEFCU. We’ll process the update, ensuring your accounts reflect the current beneficiary designations.

When to Update Your Beneficiaries

Regularly review your beneficiary designations, especially after significant life events:

• Marriage or divorce
• Birth or adoption of a child
• Death of a previous beneficiary
• Significant changes in your financial situation

Even without such events, a periodic review every three to five years ensures your designations align with your current intentions.

The Role of Notarization

Notarization acts as a legal safeguard, confirming the account holder’s identity and genuine signature. This step is particularly vital if you’re married and naming someone other than your spouse as the primary beneficiary. MEFCU is here to simplify the notarization process for you. You can easily visit a notary at any of our MEFCU branches.

Ensuring Smooth Transitions for Your Loved Ones

The process of updating beneficiaries is not just a financial formality; it’s a crucial aspect of caring for your loved ones. Smooth transitions during challenging times hinge on these designations being accurate and current.

When beneficiaries are appropriately designated, it can alleviate the burden on your family members or other heirs. It ensures that your assets are distributed according to your wishes, reducing the potential for disputes or uncertainties.

Take the time to communicate your intentions with your beneficiaries if you feel comfortable doing so. This clarity can prevent confusion and provide insight into your decisions. Additionally, if you’ve created a will, ensure that your beneficiary designations align with the directives in your will for a cohesive and comprehensive estate plan.

While the technical aspects of updating beneficiaries involve paperwork and notarization, the underlying motivation is rooted in care and consideration for those you leave behind. It’s a tangible way to express your love and responsibility toward your family and friends.

MEFCU is Here to Assist You

At Members Exchange Federal Credit Union, we are committed to helping you manage your financial well-being. Keeping your beneficiaries up to date is a simple yet vital part of this process. We encourage you to take the time to review your designations and make any necessary changes. Our team is ready to assist you every step of the way, ensuring that your assets are distributed according to your wishes. 

A little attention to detail today can make a significant difference for your loved ones tomorrow. Remember, whether it’s our competitive rates on share certificates and IRAs, our convenient online and mobile banking services, or our personal loan options, or our Kasasa Checking accounts, MEFCU is here to support all your financial needs. Call us at 601-922-3350 or toll-free at 1-800-748-9459, and we will be happy to answer any of your questions. 

Please note that account features are subject to change, and this blog post is for informational purposes only, not financial advice. For personalized advice, consult with a financial