If you’re given the option between discussing what happens to your family’s finances when you die and just about anything else, you’re likely to choose any other topic than your mortality.

Sitting down to discuss your family’s future, particularly about death, can be a difficult conversation to have. However, doing so can improve your overall well-being, reduce anxiety about the future, and safeguard your loved ones’ financial security no matter what the future holds.

One way to ensure your loved ones are taken care of is to assign beneficiaries for your financial accounts. Review your beneficiaries annually and any time you have a life change, like when you have a child, marry or divorce, or have a parent pass away. Keeping your beneficiaries up to date ensures your account accurately reflects your wishes and family dynamic. If your account is out of date, your life savings may go to someone you didn’t intend it to like a former spouse or partner.

First, review your beneficiaries listed on your financial accounts. Your retirement accounts – like those with INPRS – investment accounts –like your 457(b), 401(a), or 403(b) – and those from prior employers provide an option for a named beneficiary.

If you’re a member of more than one INPRS plan, you may need to double-check your designated beneficiaries. The beneficiaries you’ve set up do not transfer plans. Even if your beneficiaries match on all of your accounts, you still need to update each account with primary and contingent designation, and the percentage of your benefit to receive, Choose whoever you like, or even name a trust or estate. With INPRS, you can assign whole percentages to both primary and contingent beneficiaries, giving you flexibility for your beneficiary needs.

Members of the 1977 Police Officers and Firefighters’ Fund can designate a beneficiary by filling out a Beneficiary Designation form. Members of the Prosecuting Attorneys’ Retirement Fund (PARF), Excise, Gaming and Conservation Plan (EG&C), and Judges’ Retirement System (JRS) can name or update a beneficiary by completing the Application for Change of Beneficiary – Active Member form. Watch our tutorial to help you get started.

Don’t wait, update your beneficiaries today!