TSP beneficiary designation


Q. After filling out many beneficiary forms, I have found the standard beneficiary line to be Spouse, and then equal shares to offspring. This was my desired process anyhow. Does TSP have a similar beneficiary plan assuming no prior beneficiary designation?
A. Yes:

Distribution According to the Statutory Order of Precedence

If you do not have a Designation of Beneficiary form on file with the TSP, your money will be distributed according to the following order of precedence required by law:
1.To your spouse;
2.If none, to your child or children equally, and to the descendants of deceased children; 3.If none, to your parents equally or your surviving parent; 4.If none, to your appointed executor or administrator of your estate; 5.If none, to your next of kin who is entitled to your estate under the laws of the state in which you resided at the time of your death.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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