Designating a beneficiary for your MyChoice® Accounts Health Savings Account (HSA) is a simple step that ensures your funds are passed on just the way you want. If you don’t name a beneficiary, your HSA could be tied up in estate proceedings, which may cause delays and extra taxes for your loved ones. By choosing a beneficiary, you bring clarity to the process, help prevent legal complications, and ensure your family can take advantage of your HSA’s tax benefits even after you’re gone. It’s a quick but meaningful action that brings peace of mind.
UMB is the custodian of your HSA and is the system of record for your beneficiary information.
