A beneficiary designation on applicable Ameriprise Financial accounts is a substitute to a last will and testament. Naming a beneficiary designation allows you the opportunity to instruct direct distribution and avoid the probate costs associated with a will or your estate. In most cases, not naming a beneficiary means that the proceeds of your accounts will be paid to the estate and be subject to probate costs. In other cases, a surviving spouse may be the default beneficiary. If you are not sure, review your original contract to find out who the default beneficiary is for the kind of ownership and account you have. Otherwise, submit a beneficiary designation to ensure your intentions are met. Consult with an attorney as to the rights that certain people may have in property which takes priority over the rights of named beneficiaries.