Survivor Beneficiary Designation - Nebraska

Survivor Beneficiary Designation is a legal document that was released by the Nebraska Public Employees Retirement Systems - a government authority operating within Nebraska.

FAQ

Q: What is a survivor beneficiary designation?
A: A survivor beneficiary designation is a way to designate who will receive the benefits of an account or insurance policy if the original beneficiary passes away before the account holder or policyholder.

Q: Why is a survivor beneficiary designation important?
A: A survivor beneficiary designation is important because it ensures that your assets or insurance benefits are distributed according to your wishes, even if the original beneficiary is no longer alive.

Q: Who can be named as a survivor beneficiary?
A: The person or entity named as a survivor beneficiary can be anyone, such as a family member, friend, or organization, as long as they are eligible to receive the benefits.

Q: How do I make a survivor beneficiary designation in Nebraska?
A: To make a survivor beneficiary designation in Nebraska, you will need to complete the appropriate forms provided by the financial institution or insurance company that holds the account or policy.

Q: Can I change my survivor beneficiary designation?
A: Yes, you can generally change your survivor beneficiary designation at any time by completing a new beneficiary designation form.

Q: What happens if I do not make a survivor beneficiary designation?
A: If you do not make a survivor beneficiary designation, the default rules or state laws will determine who receives the benefits of your account or insurance policy.

Q: Is a survivor beneficiary designation legally binding?
A: Yes, a survivor beneficiary designation is legally binding as long as it is properly executed and follows the requirements set forth by the financial institution or insurance company.

Q: Do survivor beneficiary designations override a will?
A: Yes, survivor beneficiary designations generally override the instructions in a will, so it's important to keep them up to date if you want to ensure that your assets are distributed according to your wishes.

Q: Can I have multiple survivor beneficiaries?
A: Yes, you can generally name multiple survivor beneficiaries for an account or insurance policy, specifying what percentage of the benefits each beneficiary should receive.

Q: What happens if the survivor beneficiary predeceases me?
A: If the survivor beneficiary named in your designation dies before you, you may need to update your beneficiary designation to ensure that your benefits are distributed according to your current wishes.