Filling out pension plan forms and ...

[Pixilated]

I'm looking for some advice. I have two forms here (pension plan and profit-sharing) and both ask for a primary and contingent beneficiary. I have no children. I have a nephew, but my brother and his wife earn more than I will see in my lifetime; my nephew will not be left struggling, and it is not as if the small amount this is likely to amount to will make any difference in his future. I also have a niece, but this is my sister's side of the family and I have only minimal contact with them for a variety of reasons. I am not trying to punish my niece for this -- she is, however, in her teens and has made virtually no effort to communicate with me (and yes, I did try when she was younger, and to this day I send gifts and cards. I might have heard back from her once, in acknowledgement.) Sis is doing well in any case, so I see no need to find a beneficiary there either.

Anybody else out there ever faced this sort of thing? How did you make your decision? Did you name a friend, an organization, your pets? I could name my mother, but obviously I will still need a contingent beneficiary.

[TawnyMyst]

I'm in a similar position with the exception I have a husband. All my life insurance papers, pensions, etc. have my husband first and then my godsons. A close friends children who are like nephews to me except not actually blood related. They want a name for legal purposes, they don't care how said person is related. If you have any honourary nieces or nephews feel free to put them down.

[Pixilated]

Thanks, TawnyMyst. I don't even have "honorary" relatives, LOL. I'm thinking of naming random friends who would never expect to be named here ...

[Seshat]

Just make sure, if you're placing someone who isn't a relative, that you put their name and identifying information clearly and accurately.

Also, make it as easy as possible for the pension plan and/or whoever you name as executor in your will to find them.


The first part will make it harder for someone to counter your wishes.
The second will make fewer excuses for someone incompetent in the company to fail to find them; for make life easier for the friend who's handling executing your will.

[wolfie]

Did you name a friend, an organization, your pets? I could name my mother, but obviously I will still need a contingent beneficiary.

Definitely NOT your pets. Legally, they're property, and therefore can't inherit. Listing them as a beneficiary could lead to someone closely related but who you DON'T want inheriting your stuff to challenge not only this, but also your will, on the grounds that you aren't mentally competent.

As for a contingent beneficiary, why not list your estate? That way, if you outlive your mother, your pension will be distributed in the proportions that are listed in your will.

[Pixilated]

Thanks for the advice about naming friends, Seshat. I'll keep that in mind. One friends lives sort of out in the middle of nowhere; I might have to leave a map if I name her, LOL.

Wolfie ... if I did name my pets (e.g. leave money for their care), I'm fairly sure my brother would just roll his eyes and say, "That's just Pixilated being Pixilated ..." (I would probably ask him to be my executor for just that reason: he has no axes to grind.) But I also like the idea of naming my mother as primary and my estate as secondary.