How to designate beneficiaries at Vestwell

A beneficiary can be a person.¹

A beneficiary can be a non-profit organization.¹

A beneficiary can be a trust.¹

Beneficiaries are named as primary or contingent, and a contingent beneficiary can be added only after a primary beneficiary exists. Allocations must total 100%.^{2, 1}

If the saver is married, the spouse is automatically the beneficiary. Naming anyone else as primary beneficiary requires a Spousal Consent Form signed by the spouse before a notary public.^{2, 1}

If the Spousal Consent Form cannot be located after death, the account is treated as though a form was never completed and is distributed according to the plan document and applicable law.^{2, 1}

Completed by the spouse, before a notary public. Completed online. Must be notarized.^{2, 1}

The level (primary or contingent) or type of an existing beneficiary cannot be edited. The beneficiary is removed and entered again.^{2, 1}

Beneficiary designations may override the contents of a will.^{2, 1}