Your Will Doesn't Decide Who Gets Your NJ Pension - This Form Does

Meet with us: https://mullooly.net/contact Your will may not control who receives your New Jersey pension benefits, your retirement accounts or life insurance. In many cases, beneficiary designation forms determine where those assets go, regardless of what is written in your will. Here we discuss why beneficiary reviews are an important part of estate planning, common mistakes involving old beneficiary forms, and what New Jersey public employees should know about PERS, TPAF, and PFRS accounts. Key life events ought to serve as a reminder to review your beneficiary designations and why keeping this information current can help avoid unintended outcomes. 00:00 Will vs Beneficiaries 01:06 NJ Pension Forms 02:17 Outdated Beneficiaries 02:39 Divorce Pitfalls 03:09 Court Order Limits 03:33 Act Before Accidents 03:56 Weekend Checklist 04:17 MBOS Update Steps 04:36 Life Events Reminder Key Takeaways 1. Beneficiary designation forms often override instructions contained in a will. 2. Old beneficiary elections can remain in place for decades if never reviewed. 3. Divorce, marriage, births, adoptions, and deaths in the family are common triggers for beneficiary reviews. 4. New Jersey pension members should periodically review beneficiary information through MBOS. 5. Retirement accounts, pensions, and life insurance policies should be reviewed as part of a broader estate planning process. Keywords & phrases: #BeneficiaryDesignation, #EstatePlanning, #NewJerseyPension, #PERS, #TPAF, #PFRS, #RetirementPlanning, #NJRetirementSystem, #LifeInsuranceBeneficiary, #401kBeneficiary, #IRAPlanning, #WillVsBeneficiary, #EstatePlanReview, #NJPublicEmployees, #PensionDeathBenefit, #GroupLifeInsurance, #MBOS, #FinancialPlanning, #RetirementAccounts, #BeneficiaryReview, #NewJerseyRetirement, #FamilyFinancialPlanning, #InheritancePlanning, #EstateAdministration, #RetirementBenefits, Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times. We primarily work with individuals and couples in Central New Jersey with at least $250,000 in investable assets. Our family of investments advisors (Tom, and his three sons - Brendan, Tim and Casey) are all CFP® Professionals. To our knowledge, WE ARE THE ONLY FAMILY firm - in the nation - with four fiduciary, fee-only investment advisors who all have earned CERTIFIED FINANCIAL PLANNER™ certification. The "Mullooly Asset Show," has over 350 episodes and over 450 unique podcasts, which can be found on the site https://www.mullooly.net. The "Mullooly Asset Show" answers questions and cover topics that YOU bring up. Our topics and questions range from those brought up, or sent in, by our viewers. Get in touch with us here: Mullooly Asset Management 1971 State Route 34 Wall Township, New Jersey 07719 Phone: 732-223-9000 Website: https://mullooly.net Facebook: www.facebook.com/MulloolyAsset Twitter: @mulloolyasset LinkedIn: @mullooly-asset-management Email: [email protected] This content is provided for informational purposes only and does not constitute personalized investment, tax, legal, or accounting advice, and should not be relied upon as such. Mullooly Asset Management, Inc. is not endorsing practices, products, or services that may be mentioned, and highly recommend consulting with a licensed financial professional about your own specific goals and circumstances prior to engaging in any financial decisions. Investing involves the risk of loss. Employees of Mullooly Asset Management, Inc. may maintain positions in securities discussed, however absolutely none of this is a solicitation or recommendation to buy or sell. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decisions. Past performance is not indicative of future results. This content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice.