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Planning: Tools & Services > Education Center > Who Benefits? - Take control of your legacy by updating your beneficiary designations.
Who Benefits? Take Control of Your Legacy...
Take control of your legacy by updating your beneficiary designations.

When the time comes, how can you ensure your estate will be handled according to your wishes? By naming your beneficiaries correctly and explaining your intentions to them, your legacy can live on and grow beyond your lifetime.

But did you know that even if you have drafted a proper will—one with instructions for the disbursement of your retirement plan assets—your intentions may not be realized if your beneficiary designations are not updated on your retirement account(s)?

For example, if the account still lists a former relative as a beneficiary, the assets must pass to that person regardless of what your will dictates.

It’s important to ask yourself: Do your retirement account beneficiary designations reflect your goals? If you’re unsure, a Thrivent Financial representative can help.

A single Thrivent Financial IRA consolidating various retirement plans can go a long way toward simplifying your financial life, since you’ll have only one set of beneficiary designations to worry about.

If you are considering consolidating accounts, be sure your accounts are properly updated. Specifically, if you have not named your beneficiaries correctly, your estate may become the beneficiary. This means the heirs of your estate may be forced to withdraw assets soon after your death (usually within five years for IRAs), often creating a sizable tax burden.

Contact your Thrivent Financial representative for more information.

 

 
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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.

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This document was last updated on Tuesday, December 12, 2006 at 10:29 AM