Who will inherit your money?
A beneficiary designation is an agreement on who PFA should pay out the money from your pension plan to in the event of your death. It is also a good idea to consider who should inherit any other wealth you leave. When you are married, your spouse will generally inherit 50 % or your wealth while the other half will be distributed between your children. If you or your spouse has children from a past relationship, you may prefer another distribution, and, therefore, it may be a good idea to draw up a will.