Estate Planning for Retirees
As you set up retirement accounts and insurance programs, a key step in each case requires designating one or more beneficiaries.
Designating a beneficiary ensures that your property and finances will be distributed according to your wishes in the event of your death. You may also set up instructions regarding who will care for any minor children.
Situations change over the course of a lifetime, making it crucial to regularly review beneficiary selections. Failure to name a valid beneficiary can cause problems such as:
- Distribution of death benefits differently than you might have planned due to state law.
- Additional taxes added to your estate.
- Delayed distribution of estate funds.
Designate a Beneficiary Online
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Log in to My UT Benefits.
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Click “Enroll Now.”
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Scroll to the applicable benefits such as Basic Life or Voluntary Life.
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Click “Add” next to “Beneficiary” and enter a new designation.
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Contact Blue Cross Blue Shield at 866-628-2606 to answer any questions.
Create Your Will Online
Blue Cross Blue Shield of Texas also offers eligible members an easy way to create your own will online at no cost. Wills are valid in the state where the insured resides. The will-making administrator, ComPsych Corp., secures data with Verisign encryption, and legal professionals help monitor customer support to answer questions.
To create a will:
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Go to EstateGuidance®.
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Enter the promotional code: dlwill.
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Answer the series of questions pertinent to your estate.
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Finish, review, and print your will.