Get the free Beneficiary Designation / Change of Beneficiary or Name

This document is used for designating or changing beneficiaries for a life insurance policy, and for changing the name of the employee associated with the policy.

How to fill out beneficiary designation change of

How to fill out Beneficiary Designation / Change of Beneficiary or Name

1. Obtain the Beneficiary Designation form from your insurance company or financial institution.
2. Read the instructions carefully to understand the process.
3. Fill out your personal information at the top of the form, including your name, address, and policy number.
4. Identify the beneficiaries by providing their full names, relationships to you, and percentage of the benefit they will receive.
5. If applicable, fill out any contingent beneficiaries in case your primary beneficiaries are unavailable.
6. Review the completed form to ensure all information is accurate.
7. Sign and date the form to validate it.
8. Submit the form as directed (online, via mail, or in person) to your insurance company or financial institution.
9. Keep a copy of the submitted form for your records.

Who needs Beneficiary Designation / Change of Beneficiary or Name?

1. Individuals who have life insurance policies.
2. People with retirement accounts (such as IRAs or 401(k)s).
3. Owners of annuities.
4. Anyone wanting to ensure their assets are distributed according to their wishes after passing.
5. Parents or guardians who want to designate beneficiaries for their children's financial accounts.

People Also Ask about

What is an example of a beneficiary designation?

For example, you may set up a life insurance policy to name your spouse as your primary beneficiary, with your kids as equal contingent beneficiaries if your spouse predeceases you. The terms of this arrangement are set forth in your beneficiary designation.

What is a beneficiary that can be changed called?

With a revocable beneficiary, the person or entity you choose has no legal interest in the death benefit during the insured person's lifetime. The policy owner is in total control. A revocable beneficiary may be changed at any time by the policy owners without the consent of the currently named beneficiaries.

What is a customized beneficiary?

Custom beneficiary designations can specify beneficiary types including individuals, entities, trusts and separate share trusts. They can also include formula, dollar or pecuniary designations.

What are the different types of beneficiaries?

Your beneficiary can be a person, a charity, a trust, or your estate. Almost any person can be named as a beneficiary, although your state of residence or the provider of your benefits may restrict who you can name as a beneficiary.

What is an alternate beneficiary called?

Key takeaways A contingent beneficiary is the person or entity who would inherit your assets if your primary beneficiary can't or declines. You might be able to choose as many contingent beneficiaries as you want on certain accounts. For others, you might be more limited.

What is the difference between a beneficiary and a named beneficiary?

A named beneficiary is often an individual or a group of people, such as a personal acquaintance or family member. But the beneficiary can also be an estate or a non-profit organization, chosen by the account holder's insurance policy.

Which beneficiary designation should be used?

The person you want to receive the payout from your policy — your first choice — is called the “primary beneficiary.” If that person is your only beneficiary, you will also want to designate a secondary beneficiary (also known as a “contingent” beneficiary).

Who can be designated as beneficiaries?

A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy — typically your spouse, children or other family members.

What is a beneficiary designation?

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established. But, these designations should be reviewed periodically.

Can someone change a beneficiary?

Most beneficiary designations can be changed by the account holder at any time during their lifetime. They may want to add a later-born child, remove deceased parents, or update designations following a divorce.

For pdfFiller’s FAQs

What is Beneficiary Designation / Change of Beneficiary or Name?

Beneficiary Designation refers to the process of naming an individual or entity that will receive benefits or assets upon the account holder's death. Change of Beneficiary involves updating or altering the previously designated beneficiary.

Who is required to file Beneficiary Designation / Change of Beneficiary or Name?

Individuals who have accounts, policies, or plans that allow for a designated beneficiary, such as life insurance policies, retirement accounts, or trusts, are required to file a Beneficiary Designation or Change when they wish to assign or update beneficiaries.

How to fill out Beneficiary Designation / Change of Beneficiary or Name?

To fill out a Beneficiary Designation or Change, you typically need to provide your personal information, the details of the existing beneficiaries, the new beneficiary's information, and any required signatures or notarizations as specified by the institution or policy.

What is the purpose of Beneficiary Designation / Change of Beneficiary or Name?

The purpose of Beneficiary Designation or Change is to ensure that assets are distributed according to the holder's wishes after their death, avoiding probate and legal complications.

What information must be reported on Beneficiary Designation / Change of Beneficiary or Name?

Required information typically includes the name, address, and Social Security number of the beneficiary, the relationship of the beneficiary to the account holder, and the percentage of benefits they will receive.