Thinking about death is by no means enjoyable, so it is not difficult to understand why many people put off or avoid planning for this life event. However, by not taking the time to plan in advance, you may be adding to the stress and anxiety your loved ones will experience upon your death. Designating beneficiaries is a pillar of estate planning. Not only should you designate beneficiaries, you should also make sure that your beneficiaries are kept up-to-date. One idea would be to set a date each year to review these important documents and make sure that they still accurately reflect your wishes.
For federal employees, there are several benefits that you can designate including the Federal Employees Group Life Insurance (FEGLI), the Thrift Savings Plan (TSP), unpaid compensation, and the Federal Employees Retirement System (FERS). There are some great resources available on the JNET where you can download the appropriate forms, learn more about designating beneficiaries, and get some additional tips and recommendations. Below are a few links you should check out.
Designations of Beneficiary (JNET)
New Process for Submission of Beneficiary Forms (JNET)
The Importance of Designating Beneficiaries and Understanding Survivor Benefits (Benefits for Life – US Courts WebEx)
Do not put off this important task. Take the time to designate your beneficiaries today so that your wishes will be respected and your loved ones will be taken care of in the future.