When thinking about estate planning, many people immediately think of updating (or creating!) a will or trust. Beneficiary designations are another piece of the puzzle, and one you don’t want to forget about.
A beneficiary is the person or organization that you designate to inherit an asset after your lifetime. A will does not affect assets with beneficiary designations, such as retirement accounts and IRAs. Because they are handled and distributed separately, it’s important to review your beneficiaries regularly to make sure they reflect your current wishes.
If you need to make changes, they are often easier to update than a will. Contact the financial institution that holds the account and request a change of beneficiary form. Depending on your financial institution, you may be able to make changes and submit the form online.
Updating a beneficiary designation is one way to easily create a legacy for the Pennsylvania Chapter without impacting your budget today. You can even include the Pennsylvania Chapter as a partial beneficiary by designating a percentage of an account, or a contingent beneficiary to serve as a back-up to your primary beneficiary plans. All planned gifts are recognized with membership in the Rachel Carson Society. You can look at Sierra Club's Planning Toolkit here, and read about how to make a designation to the Pennsylvania Chapter here. If you have any questions, you can reach out to Julia Curtis at julia.curtis@sierraclub.org or (800) 932-4270.
This blog was included as part of the June 2025 Sylvanian newsletter. Please click here to check out more articles from this edition.