Updating beneficiaries is an easy task, and it’s just as easy to put it off. But it’s important to do it sooner rather than later. By taking a little time to update your beneficiaries now, you’ll help ensure that your assets will be distributed exactly as you want when that time comes.
Here are important considerations for reviewing and updating your beneficiaries, along with instructions on how and when to do so.
1. Review and confirm your retirement beneficiary.
Naming beneficiaries when enrolling in your 403(b), 401(k), life coverage or other products is vital. In most cases, your beneficiary designations take precedence over your will, meaning your designated beneficiaries will receive these plan assets even if your will has other bequests.
Designating a primary and secondary beneficiary is critical to securing the distribution of assets upon your death.
The primary beneficiary will receive survivor benefits payable from the plans listed on your beneficiary form. You may designate more than one primary beneficiary by allocating different percentages (totaling 100%) of your account to each individual.
Secondary, or contingent, beneficiaries receive distributions if the primary beneficiary is no longer living. By keeping your secondary beneficiary designations up-to-date, you’re helping ensure that your assets will be inherited according to your wishes should something happen to your primary beneficiary.
To review and confirm your beneficiaries, log into your MyGuideStone® account and click the “Beneficiaries” tab. Our knowledgeable customer solutions specialists are available to answer any questions about designating your beneficiaries.
2. Update your beneficiaries after any change in family status.
When your family changes, one of the first things you should do is update your beneficiaries. So, whether you marry, have children, experience a divorce or suffer the loss of a loved one, make sure that you have reviewed your beneficiary designations and update them accordingly.
If you don’t make sure both your primary and secondary beneficiaries are up to date, an outdated beneficiary could inherit your retirement plan money, no matter what your will says.
To name a new beneficiary, you’ll need the person’s name, birth date and Social Security number. Remember, like most other providers, GuideStone requires spousal consent if non-spouses are named as primary beneficiaries.
3. Review your beneficiary selections annually.
Most people keep the same beneficiaries for many years, but it is recommended that you set an annual reminder to consider any changes because your family situation may change.
If you need to update your beneficiary, log into your MyGuideStone account to make the necessary changes. If submitting a paper form, which is required when choosing a non-spouse as the primary beneficiary, the new beneficiary designation will be effective on the date the signed form is received and processed at GuideStone. It is important to note that a beneficiary designation is not retroactive. If GuideStone has already made any distribution before the form is received and processed, the change in beneficiary will apply to the following distribution cycle.
By following these simple tips, you can have peace of mind knowing that your survivor benefits will be distributed according to your wishes, creating a smooth process for your loved ones after your passing.
If you have questions about making changes, contact us at Info@GuideStone.org or 1-888-98-GUIDE (1-888-984-8433), Monday through Friday, from 7 a.m. to 6 p.m. CT.
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• Jun 2, 2025 