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BCD Beneficiary Designation and Change Request Minnesota Life Insurance Company A Security Company Group Administration Department 400 Robert Street North St. Paul, Minnesota 551012098 A Employer

How to fill out beneficiary designation and change

How to Fill Out Beneficiary Designation and Change:

1. Obtain the necessary form: Start by obtaining the beneficiary designation and change form from the appropriate institution or organization. This may vary depending on the specific type of account or policy you are dealing with, such as a retirement account or life insurance policy.
2. Provide personal information: Fill out the form by providing your personal information, such as your full name, date of birth, and social security number. This ensures that the beneficiary designation is accurately linked to your account or policy.
3. Specify primary and contingent beneficiaries: Clearly indicate the primary beneficiary, who will receive the assets or benefits upon your passing. You may also designate contingent beneficiaries, who will receive the assets or benefits if the primary beneficiary is unable to do so.
4. Determine the percentage or allocation: If you have more than one primary or contingent beneficiary, you will need to specify the percentage or allocation of the assets or benefits each beneficiary will receive. This can be expressed as a fixed percentage or as specific dollar amounts.
5. Provide contact information: Include the contact information of the primary and contingent beneficiaries. This can include their full names, addresses, and contact numbers. It is important to ensure that the information provided is accurate and up to date.
6. Sign and date the form: Once you have filled out all the required sections of the form, don't forget to sign and date it. This indicates your agreement and consent to the beneficiary designation and any changes made.

Who Needs Beneficiary Designation and Change:

1. Individuals with retirement accounts: Beneficiary designation is particularly important for individuals with retirement accounts such as 401(k)s, IRAs, or pension plans. This allows them to designate who will receive the assets in case of their passing.
2. Life insurance policyholders: If you have a life insurance policy, updating the beneficiary designation is crucial. This ensures that the policy benefits go to the intended person or people, avoiding potential disputes or delays.
3. Owners of investment accounts: Investors who hold accounts such as brokerage or mutual fund accounts may also need to designate beneficiaries. This helps determine how the assets in these accounts will be distributed upon their passing.

In summary, filling out a beneficiary designation and change form involves providing personal information, specifying the primary and contingent beneficiaries, determining the allocation of assets or benefits, and providing contact information. This process is important for individuals with retirement accounts, life insurance policies, or investment accounts to ensure their assets are distributed according to their wishes.

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What is beneficiary designation and change?

Beneficiary designation and change is a process where individuals designate or change the person or entity who will receive their benefits or assets in the event of their death.

Who is required to file beneficiary designation and change?

Individuals who have accounts or assets that require a beneficiary designation are required to file beneficiary designation and change forms.

How to fill out beneficiary designation and change?

To fill out a beneficiary designation and change form, individuals need to provide information about the new beneficiary, their relationship to the account holder, and how they wish to distribute the assets.

What is the purpose of beneficiary designation and change?

The purpose of beneficiary designation and change is to ensure that assets or benefits are passed on to the intended recipient in the event of the account holder's death.

What information must be reported on beneficiary designation and change?

The information reported on beneficiary designation and change forms typically includes the beneficiary's full name, contact information, social security number, and relationship to the account holder.