Banking on a Beneficiary

A beneficiary is someone who will receive the money in your account, or the benefit amount you are eligible to receive, if you were to die. A beneficiary could be:

• One, two or more people
• A trust you’ve set up, with the proceeds administered by a trustee
• A charity
• Your estate

You may be required to select your spouse as a beneficiary if you are married. If you are separated or choose not to select your spouse, he or she can sign a written waiver allowing you to designate someone else.

Children can also be named as beneficiaries. If they are minors (under the age of 18), consider naming them as secondary, or contingent, beneficiaries (behind an adult, like your spouse, who is the primary beneficiary). Also, consider appointing an adult to act as a guardian of the money.