beneficiaries/wills

[raylo]

Question: is it necessary to name beneficiaries for TSP accounts or can one submit the beneficiary desigation form (TSP-3) blank or "estate" so that the assets will be disbursed in accordance with the account holder's will or trust? I hate to have to go to TSP and update the beneficiaries every time I update my will. Anyone found a way to work this to be more efficient?

 

[Silverbird]

Question: is it necessary to name beneficiaries for TSP accounts or can one submit the beneficiary desigation form (TSP-3) blank or "estate" so that the assets will be disbursed in accordance with the account holder's will or trust? I hate to have to go to TSP and update the beneficiaries every time I update my will. Anyone found a way to work this to be more efficient?

Unfortunately, from what I know, like life insurance and your bank account, TSP designation is completely seperate from your will. If you leave it blank, it will default a given progression of heirs (spouse first, then I think children, but you need to check for specifics on the TSP website).

TSP talk found the citation. I defer

 

[tsptalk]

Welcome raylo! It appears that you can designate your estate. How you do that, I'm not sure.

http://www.tsp.gov/forms/tspbk31w.pdf
(cut and paste this link into browser - clicking on it probably won't work)

"The TSP Designation of Beneficiary form gives
you flexibility and control over who will receive
your account in case of your death. It allows you
to choose one or more beneficiaries without regard
to the order of precedence, and to designate
one or more contingent beneficiaries in case the
primary beneficiary(ies) dies before you do. A
beneficiary can be any person, corporation, trust,
or legal entity (including a foundation or charity),
or your estate. Detailed instructions and examples
accompany the form; be sure to read them
carefully before you fill it out."

 

[grandma]

I do know this - if you don't get the beneficiary form filled out just right (which is complicated compared to the FERS) they, TSP, sends it all back to you - but fail to tell you what it is that is missing/wrong/misspelled/etc!!! Then try to find someone that can clarify for you! My problem, in all honestly, was because I was trying to use the secondary also, and I don't think it came our right to their specifications.

 

[raylo]

Thanks, all. I'll print and read the instructions. The illustrative example they use of "estate" seems to be a third party estate not the applicant's own estate. Hopefully the instructions will clarify.