Lincoln Financial: Why name a beneficiary?

After your death, your retirement plan assets pass to the beneficiaries named on your account. If you haven’t named beneficiaries and don’t have a spouse or children, your money may become part of your estate and go through probate.

Avoid probate
Probate is the administration of a deceased person’s will or estate. It can cost hundreds to thousands of dollars in attorney fees, court costs, and filing expenses. If no heir is found, assets may become the property of the state where the deceased lived.

Wait, what? That’s right. If you don’t have an heir, your money might go to the state! You don’t want that, and you don’t want your loved ones dealing with the time, cost, and stress of probate while they’re already coping with your loss. Designate a beneficiary now so your savings go where you intend.

Keep in mind

• Your beneficiary information doesn’t carry over from other workplace benefits or other retirement accounts; you must name a beneficiary for every account.
• You can designate more than one beneficiary, including parents, family, friends, charities, or colleges
• You don’t need someone’s Social Security number to make them your beneficiary.

The Texas A&M University System is pleased to offer you one-on-one retirement plan help. Your plan is offered through Lincoln Financial. The A&M System has engaged Lincoln retirement consultants and John Kriel from Kriel Financial Services LLC to help you achieve retirement readiness.

Why Lincoln?
Founded in 1905, Lincoln is a Fortune 500 company offering products and services to help people get financially prepared. Lincoln provides services for over 22,000 retirement plans and helps people confidently plan for their version of a successful future. Over 1.8 million retirement plan savers trust our solutions and service to put their goals in reach.

Advantages for you

• Contributions can be automatically deducted from your paycheck on a pretax basis (traditional) or after-tax basis (Roth).
• Thanks to the power of compounding, any growth can help get you to your goal more quickly.
• Choose from an array of investment options, including all-in-one diversified funds that help make it easy.

To learn more about what Lincoln Financial can help you with, schedule an appointment with an advisor.