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This document provides information on beneficiary designation for members or retirees of the Virginia Retirement System (VRS), including eligibility for payments, an overview of benefits, and steps

How to fill out beneficiary designation - varetire

How to fill out Beneficiary Designation

1. Obtain the Beneficiary Designation form from your financial institution or service.
2. Fill in your personal information, including your name, address, and account number.
3. Identify the beneficiaries by providing their names, addresses, and relationship to you.
4. Specify the percentage of the benefits each beneficiary will receive, ensuring that the total equals 100%.
5. Sign and date the form to validate your designation.
6. Submit the completed form to your financial institution and keep a copy for your records.

Who needs Beneficiary Designation?

1. Individuals with life insurance policies.
2. Account holders of retirement accounts (IRAs, 401(k)s).
3. People establishing trusts.
4. Anyone looking to ensure a clear distribution of their assets after passing.

People Also Ask about

What is the designation of a beneficiary?

Meaning of beneficiary in English. a person or group who receives money, advantages, etc. as a result of something else: Her wife was the chief beneficiary of her will.

Does beneficiary mean recipient?

A beneficiary is simply the recipient of money or other benefits.

What does it mean when it says beneficiary name?

A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.

What does beneficiary name translate to in English?

In estate planning, a beneficiary is any person or entity you designate to receive an asset after you're gone. Naming beneficiaries is an integral part of several different estate planning elements, including: A will. Life insurance policies. Qualified retirement plans, including any 401(k), 403(b) and pensions.

What is the meaning of beneficiary name in English?

1. a person or group that receives benefits, profits, or advantages. 2. a person designated as the recipient of funds or other property under a will, trust, insurance policy, etc. 3.

Is the beneficiary name the bank name?

Additional tips for creating wires: • “beneficiary” is the person/entity you are sending the wire to. “beneficiary bank” or “beneficiary FI (financial institution)” is the final bank you are sending the wire to.

For pdfFiller’s FAQs

What is Beneficiary Designation?

Beneficiary designation is a legal document that specifies who will receive certain assets, benefits, or insurance proceeds upon the death of the individual. It ensures that the designated beneficiaries receive these assets directly, bypassing probate.

Who is required to file Beneficiary Designation?

Individuals holding assets that can be transferred directly to beneficiaries, such as life insurance policies, retirement accounts, or certain bank accounts, are required to file beneficiary designations.

How to fill out Beneficiary Designation?

To fill out a beneficiary designation, one must provide personal details like the name, relationship to the beneficiary, and contact information. It's essential to check for any specific requirements from the institution or policy provider.

What is the purpose of Beneficiary Designation?

The purpose of beneficiary designation is to ensure that assets are distributed according to the individual's wishes upon their death, thereby avoiding the lengthy and often costly probate process.

What information must be reported on Beneficiary Designation?

Essential information that must be reported includes the names of the beneficiaries, their relationship to the individual, their social security numbers, and any specific percentages or amounts being designated.