Get the free Beneficiary Designation Form - The Scripps Research Institute - scripps

IMPORTANT INFORMATION ABOUT BENEFICIARY DESIGNATIONS Use this form to designate or make changes to the beneficiary(IES) of your Group Insurance death proceeds. The information on this form will replace

How to fill out beneficiary designation form

How to fill out a beneficiary designation form?

1. Start by obtaining a beneficiary designation form from the appropriate institution or organization. This form is typically provided by insurance companies, retirement plans, and financial institutions.
2. Fill out the personal information section of the form, including your full name, address, and contact information. Ensure that all the details provided are accurate and up to date.
3. Indicate the type of account or policy for which you are designating a beneficiary. This could include life insurance policies, retirement accounts, annuities, or any other applicable financial instrument.
4. Clearly identify the primary beneficiary or beneficiaries. Provide their full name, relationship to you, and their contact information. You may designate multiple primary beneficiaries and indicate the percentage each will receive, or you can assign a specific dollar amount or asset to each beneficiary.
5. If desired, appoint contingent beneficiaries. These individuals will only receive the benefits if the primary beneficiaries predecease you. Again, provide their full name, relationship, and contact information.
6. Consider adding a per stirpes clause, which ensures that if a primary beneficiary passes away, their share will be divided equally among their children. This is useful for situations where some beneficiaries are unable to accept their share due to death or incapacity.
7. Sign the form in the designated area and date it. Some forms may require the presence of a witness or notary public, so be sure to follow any additional instructions provided.
8. Keep a copy of the completed form for your records and submit the original to the appropriate institution or organization as instructed.

Who needs a beneficiary designation form?

1. Individuals with life insurance policies: Designating beneficiaries ensures that the proceeds from the policy are distributed according to your wishes after your passing.
2. Retirement plan participants: Whether you have a 401(k), IRA, or other retirement account, completing a beneficiary designation form ensures that your savings go to the intended beneficiaries in the event of your death.
3. Owners of annuities: Annuities often have death benefit provisions, and properly designating beneficiaries is crucial to ensure the transfer of the annuity's value to the intended recipients upon your passing.
4. Individuals with payable-on-death (POD) bank accounts: By designating beneficiaries on a beneficiary designation form, you can avoid the probate process and ensure swift transfer of the account's funds to your named beneficiaries upon your death.
5. Owners of investment accounts: Many financial institutions provide beneficiary designation forms for investment accounts. By designating beneficiaries, you can dictate how your investments should be distributed after your passing.

Note: It is important to regularly review and update your beneficiary designation forms to ensure they reflect your current wishes and circumstances.

For pdfFiller’s FAQs

What is beneficiary designation form?

A beneficiary designation form is a document that allows an individual to specify who will receive their assets or benefits upon their death.

Who is required to file beneficiary designation form?

Any individual who has assets or benefits that can be passed on to a beneficiary upon their death may be required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you generally need to provide your personal information, such as name, address, and social security number, as well as the information of your chosen beneficiary.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that the assets or benefits of an individual are distributed according to their wishes upon their death.

What information must be reported on beneficiary designation form?

The information typically required on a beneficiary designation form includes the names, addresses, and relationships of the individual filing the form and their chosen beneficiary, as well as any specific instructions or percentages of assets to be allocated.

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