Keep Your Beneficiary Information Up to Date

Keep Your Beneficiary Information Up to Date

Keeping your beneficiary information current helps ensure your money and property are distributed to the people you intend. Beneficiary designations generally override the instructions in your will, making it essential to review and update them regularly. Keeping these records accurate can also help your loved ones avoid unnecessary legal complications and delays.

Why It Matters

  • Beneficiary designations override your will. The beneficiaries listed on your financial accounts and insurance policies typically take precedence over what is stated in your will.

  • It can help avoid probate delays. Outdated or incorrect beneficiary information can delay the distribution of assets and may result in lengthy court proceedings.

  • It prevents unintended distributions. If you do not update your beneficiaries after a divorce or other major life event, assets could be distributed to someone you no longer intend to receive them.

When to Review and Update Your Beneficiaries

Review your beneficiary designations whenever you experience a major life event, including:

  • Marriage or divorce

  • The birth or adoption of a child

  • A death in the family

  • When a minor beneficiary reaches age 18

Even if nothing has changed, it's a good idea to review all beneficiary designations at least once a year to ensure they remain accurate.

Best Practices

  • Name contingent beneficiaries. Always designate one or more backup (contingent) beneficiaries in case your primary beneficiary passes away before you.

  • Review each account individually. Beneficiary updates must be made separately for each bank account, retirement plan, and insurance policy. Changes made to one account do not automatically apply to others.

  • Use precise percentage allocations. If naming multiple beneficiaries, assign exact percentages that total 100% to avoid confusion or processing delays.

SBCERA
https://www.sbcera.org/beneficiary-resources
348 W. Hospitality Lane          
Suite 100
San Bernardino, CA. 92408
(909) 885-7980 

VOYA
https://www.voya.com/
1030 Nevada Street, Suíte 203
Redlands, CA. 92374
909-283-7561 

SEBA
1998 Orange Tree Lane
Redlands, CA 92374
(909) 885-6074

To review the beneficiary designations currently on file with SEBA or to update your information, please call the SEBA office and speak with a member of our staff. We will be happy to assist you over the phone.

Contact your respective departments for internal paperwork regarding updating your beneficiaries.

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