At Rockwell Automation, you have valuable benefits to protect your loved ones and prepare for your retirement through the life insurance plans and 401(k) Savings Plan. But if something were to happen to you today, what would become of those benefits?
It’s easy to ensure they go to who you intend by doing one thing: naming your beneficiaries. You get to choose who can receive your money when you pass away. But if you don’t take action now, your assets could go to others or be tied up in legal processes.
You should also review your beneficiaries whenever something major happens in your life such as getting married or divorced, or having children. If you don’t, your assets could be inherited by someone you no longer intend.
• You choose how much your beneficiaries receive. Not only do you get to choose who receives your assets, but you also get to choose the percent of the assets they get.
• Avoid probate. If you don’t have beneficiaries listed on your accounts, your assets may be distributed through a legal process known as probate. This can be a long, slow process. When your family is dealing with the emotional struggles or expenses of your death, you don’t want them to wait to receive these assets when the process could be quick and easy. And there is also a risk your assets won’t go to the people you intend.
• Have a back-up plan. If your primary beneficiary dies before you, your assets will go to your contingent beneficiaries, so it’s a good idea to designate those if you haven’t already.
Did you know?
Your beneficiary designations supersede your will. So even if you have a will, designating beneficiaries is important. It also makes processing your benefit payouts a lot faster for your loved ones.
Take the extra step
Take care of your loved ones by designating or updating your beneficiaries. You’ll have peace of mind knowing your assets are allocated correctly.
Life insurance beneficiaries are designated using Your Benefits Resources and include: Basic Life Insurance, Supplemental Life Insurance, Accidental Death & Dismemberment and any business travel plans.
If you need help, contact the Rockwell Automation Service Center (RASC) at 1.877.687.7272. Your Retirement Savings Plan beneficiary can be updated using 401k.com, or by calling Fidelity at at 1.877.765.4015.