Have you checked your beneficiary designations recently? If not, why not? You may find that your designated beneficiary is not who you think it is, especially if you have married, divorced or had children since you started the Drill Tower.
Horror Stories
There have been numerous cases of firefighters who have been divorced and remarried but have neglected to update their beneficiary designations accordingly. This can be quite frustrating for their survivors, who must battle in court for a legal determination of the true beneficiary. The court’s decision, however, may not necessarily be what the deceased would have wanted.
Just a few years ago, an LAFD member met an untimely death. He had gone through a very unfriendly divorced many years prior to his death, but had never updated his beneficiary designations. The ex-wife was rewarded with his LAFRA death benefits and the proceeds from his $300,000 UFLAC life insurance policy.
In another situation, a member failed to name any beneficiary at all. In this case, the accounts became assets of the deceased’s estate. Distribution of the benefits had to be resolved through the court system. The only ones who profited in this circumstance were the lawyers.
Know Your Benefits
Your Relief Association mails out a Member Benefit Profile every year. The next one is planned for February of 2017. The profile is a list of your personal LAFRA benefits and very importantly, your beneficiaries. So when you get it, don’t toss it – read it! Make sure everything is correct. If there are any problems or questions, call LAFRA Member Services at (323) 259-5200.
You will have to take the initiative to ensure that your beneficiary designations are updated with these other departments and organizations:
• UFLAC – log-in at uflac.org or call (213) 895-4006
• Pension Dept – log-in to MyLAFPP at lafpp.com
• Fire Personnel – (213) 978-3765
• Deferred Comp – log-in at cityofla457.com
• FFCU – log-in at firefightersfirstcu.org or call (800) 231-1626
You may have other accounts for which you must designate beneficiaries and these too should be double-checked on a regular basis. Some of these include bank and credit union accounts, brokerage accounts, IRA’s, and insurance policies.
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Will & Trust? Yes You!!
Everyone needs an Estate Plan that includes a Will and Trust – EVERYONE! And LAFRA makes this so easy for you. They’ll give you $600 (yes! – GIVE you!!) to help get your Estate Plan completed. And if that’s not enough, LAFRA will advance you another $1,200 to get the job done. Contact Member Services Specialist, Maria Rodriguez at (323) 259-5222 for details.
LAFRA also offers a “Getting Started Kit” which will walk you through the steps of protecting your loved ones and your assets with an Estate Plan. To request your kit, contact Development & Marketing Director, Marlene Casillas, at (323) 259-5217
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2017 To Do List
□ Make appointment for annual physical
□ Set up Living Trust
□ Check Beneficiary Designations
□ Donate to Widows & Orphans
□ Study for promotion
