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One of the most important decisions you may make with your Nationwide account is beneficiary designation, through which you inform the Supplemental Retirement Plan of whom you want to control your assets in the event of death. When Nationwide has your beneficiary designations on file, the individuals you designate can usually gain access to your account without having to wait for a court decision.
Beneficiary designation is also one of the first steps in estate planning, a process designed to protect the property you’ve accumulated and money you’ve saved. No matter how old or young you are and regardless of your wealth, having an estate plan can be essential. Without a plan, the state, through probate court, would control the decisions, which might not reflect your wishes.
Benefits of an estate plan
With an estate plan, you can reduce the potential for family disputes and legal battles; avoid handing heirs a lengthy and costly probate process; ensure that more of your assets go to your loved ones rather than the government; and designate who should care for minor children, your spouse or other loved ones.
A well-developed estate plan documents your wishes clearly and accounts for all your assets and situations that may arise. That’s why, in most cases, you will need an attorney to write your estate plan and file the necessary paperwork with your state.
However, you can get started on your own by either completing or revising the beneficiary designation form on file with the retirement plan.
Start building your estate plan
Log in to your Nationwide Retirement Plan account at nrsforu.com to:
- Make sure that your beneficiary designations are up to date
- Learn more by registering for our next “Leaving a Legacy” webinar