Naming a Beneficiary

Any time you open a deposit account, it’s a good idea to name a beneficiary. We hope nothing happens to you, but if something were to happen, wouldn’t you rather those left behind could manage your accounts without having to negotiate the legal system? Naming a beneficiary accomplishes just this.

When considering who to name as your beneficiary it is important to choose someone you trust: This person will be playing a role in the management of your affairs. Be sure it’s someone who you feel will comply with your wishes.

By naming a beneficiary you are giving your financial institution permission to release your funds and close out your accounts at the request of your beneficiary upon their providing proof of your passing.

If you are contemplating creating a trust or an estate plan, it is important that you discuss beneficiaries with the legal professional you are working with. Your documents may provide for beneficiaries, and there may be important instructions regarding the naming of beneficiaries.

If you are unsure of whether or not your account at Beehive has a beneficiary named, please contact us. We will be happy to look into it for you and to provide the forms necessary for you to name a beneficiary