Beneficiaries, Qualifying Events, and Community Estate Planning Resources

When was the last time you reviewed your beneficiary designations?

Many people complete beneficiary forms when they first enroll in benefits or start a new job and then forget about them. However, life changes over time, and keeping your beneficiary information current is an important part of protecting your loved ones and ensuring your wishes are carried out.

Beneficiary designations determine who receives certain benefits or assets after your death. This applies not only to life insurance, but also to many retirement plans, including accounts such as a 403(b), 457(b), and other retirement savings plans.

Why Reviewing Beneficiaries Matters

Major life events can change who you want to receive your benefits and assets. A beneficiary designation that was completed years ago may no longer reflect your current wishes.

Consider reviewing your beneficiaries after events such as:

• Marriage or divorce
• Birth or adoption of a child
• Death of a beneficiary
• A beneficiary reaching adulthood
• Changes in family relationships
• Significant changes in financial circumstances
• Retirement or changes to retirement accounts
• Purchasing new life insurance coverage
• Opening or changing financial accounts

For example, after a divorce, many individuals assume their former spouse is automatically removed as a beneficiary. In many cases, that is not true. Beneficiary designations generally remain in place until you update them according to the plan’s rules.

Missouri State Employees: Know Which Beneficiary Designations You Are Updating

For Missouri State University employees, it is important to understand that beneficiary updates are managed separately depending on the benefit or account.

If you update or change your beneficiary designation through the Open Enrollment system, that update applies to University group life insurance coverages only.

Updating your life insurance beneficiary through the Open Enrollment system does not automatically update:

• Retirement plan beneficiaries (such as MOSERS, CURP/403(b), or 457(b) plans)
• Individual life insurance policies outside of the University’s group coverage
• Bank accounts
• Investment accounts
• Other financial accounts or policies that allow beneficiary designations

Employees should review each account separately and update beneficiaries directly with the appropriate provider or administrator.

Beneficiaries Can Be Updated at Any Time

Unlike benefit elections that are limited to certain enrollment periods or qualifying events, beneficiary designations can generally be changed at any time.

You do not need to wait for:

• Open Enrollment
• A qualifying life event
• A specific time of year

Taking a few minutes to review and update your beneficiary information can help prevent confusion, delays, or unintended outcomes for your loved ones.

Make beneficiary reviews part of your regular financial wellness routine by checking:

• Life insurance beneficiaries
• Retirement plan beneficiaries
• Personal insurance policies
• Banking and investment accounts
• Estate planning documents

Important Note About Minor Children as Beneficiaries

If you choose to name a minor child as a beneficiary, be aware that benefit payments or assets may not be paid directly to the child until they reach the age of majority. Depending on the type of benefit or account and applicable state laws, additional planning may be needed, such as establishing a trust or naming an appropriate custodian.

Employees should consider consulting with a qualified legal or financial advisor to determine the best approach for their individual circumstances.

Qualifying Events and Benefit Plan Changes

While beneficiary updates can happen at any time, other benefit changes are generally limited to specific enrollment periods or qualifying events.

If you experience a qualifying life event, you only have 31 days from the event date to make eligible changes to your benefit elections.

Examples of qualifying events may include:

• Marriage
• Divorce or legal separation
• Birth or adoption of a child
• Loss or gain of other group health coverage
• A dependent gaining or losing eligibility
• Changes in employment status that affect benefit eligibility

Qualifying events may allow you to make changes such as:

• Adding or removing dependents from medical, dental, or vision coverage
• Changing coverage levels
• Enrolling in benefits when previously waived

Because the timeframe is limited, employees should complete the Qualifying Life Event Change Form as soon as possible after a qualifying event.

Planning Beyond Beneficiary Designations

Beneficiary designations are an important part of financial planning, but they are only one piece of preparing for the future. Having updated legal documents and understanding how your assets will transfer can help provide clarity for you and your family.

As part of your overall financial wellness planning, consider exploring community educational resources related to estate planning, including:

• Wills: Avoiding Probate – a session focused on understanding wills and the probate process
  July 28, 2026 6:00pm- 7:30pm 
• Estate Planning Essentials: Important Documents – a session covering key documents that may be part of an estate plan
  August 19, 2026 12:00pm- 1:00pm

These educational opportunities are available to anyone interested in learning more about estate planning basics and preparing important documents.

Missouri State University has also hosted similar educational sessions in the past. Watch the HR Blog for future opportunities and resources related to financial wellness, retirement planning, and benefits education.

Take a Few Minutes Today

Updating your beneficiary information is a simple step that can have a lasting impact. As your life changes, make beneficiary reviews part of your regular financial wellness routine—just like reviewing your retirement savings, insurance coverage, and other important documents.

A few minutes today can help ensure your benefits and assets go where you intend tomorrow.