Beneficiary
Recently there have been a few active letter carriers that have passed away unexpectedly at a young age. This article is not only for young active carriers but also for all active and retirees. When was the last time that you checked to see who is on your policies for beneficiary God forbid if something happens to you. Are all your affairs in order?
In today‘s world everybody is running around like a chicken without a head and we sometimes forget the little things in life that is important. One of those little things is to update your beneficiary. A lot of people overlook this or just plan forget about it but down the road this will become very important.
Some of you may have filled out a beneficiary card when you were first hired many years ago. Or you might have taken out a life insurance policy (FEGLI) many years ago and don’t even remember who is the beneficiary to the policy. Your Thrift Savings Plan has a beneficiary, do you know who is on that policy? If you have an MBA (Mutual Benefit Association) policy that needs a beneficiary also. There are a lot of important papers that have a beneficiary card that you must fill out in order to make it easy for your loved ones when you pass away. No one wants to be fighting when we should be mourning.
Today is a good time to check ALL of your financial paperwork and check to see who the beneficiary is on them. You might have someone on as a beneficiary that is deceased or that you divorced or that you no longer want to have on your policy. There are many life changing events that could have occurred since the time that you signed the beneficiary card. You might have gotten married or have a new son or daughter or adopted a child since the last time you filled out the beneficiary cards and might want to add or subtract them to the policy.
Imagine if you have your ex-wife as the beneficiary to your policy and not your current wife or children from her or another spouse and you pass away what problems this will cause.
I am not just talking about policies from the USPS or the NALC; you could also have stocks and bonds, safety deposit box, savings accounts, checking accounts to name a few. It could take you some time to figure out who is the beneficiary on all these accounts.
Government employees can download the appropriate forms to designate a beneficiary who will receive unpaid earnings, retirement funds, or insurance in the event of the employee's death.
Beneficiary forms must be mailed to the appropriate address as noted on the form
Form TSP-3 Designation of Beneficiary: Use this form to designate a beneficiary or beneficiaries to receive your Thrift Savings Plan (TSP) account after your death. This Designation of Beneficiary form will stay in effect until you submit another valid Form TSP-3 naming other beneficiaries or canceling all prior designations. The beneficiary designation(s) you provide on this form will automatically cancel all previous designations you submitted.
SF2823 Beneficiary form for FEGLI: You should download and complete form ensuring that the information in part A and B is complete and totals equal to 100%, part C information is complete and includes signature and date. Please ensure that part D has been completed with the signature and address of two witnesses. Please note: This form must be free from any erasures, mark-out/through, white out, or strike over. If the form contains any alterations, it is not valid and must be returned to employee.
A will is a vital necessity. If there is no will, an executor must be named and an expensive court action may be necessary.
Please keep this and all other important information in a safe place and let someone you know and trust where these papers/documents will be. Remember if you hide them and don’t tell anyone and you pass away no one will know where they are!
