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33 Plaza La Prensa, Santa Fe, New Mexico 87507 (505) 4769401 fax (505) 4769300 voice (800) 3423422 Toll-free www.nmpera.org BENEFICIARY DESIGNATION FORM Instructions: Please print or type in dark

How to fill out beneficiary designation form

How to fill out a beneficiary designation form?

1. Gather the necessary information: Before starting to fill out the beneficiary designation form, make sure you have all the required information at hand. This typically includes the full name, Social Security number, date of birth, and contact information of the primary beneficiary and any secondary or contingent beneficiaries.
2. Understand the form: Familiarize yourself with the layout and instructions provided on the beneficiary designation form. Pay attention to any specific guidelines or requirements, such as the maximum number of beneficiaries allowed or any special instructions for designating percentages or shares.
3. Enter the primary beneficiary: Begin by providing the full name, relationship, and other requested details of the primary beneficiary. Indicate whether the beneficiary is an individual or an entity, such as a trust or charity. Double-check the accuracy of the information before proceeding.
4. Designate secondary or contingent beneficiaries: If you wish to name secondary or contingent beneficiaries in case the primary beneficiary predeceases you, provide the necessary information for each beneficiary as requested on the form. Ensure you follow any instructions regarding the order of beneficiaries or the percentage of benefits allocated to each if applicable.
5. Specify the type of benefits: Indicate the type of benefits you are designating the beneficiaries for. This may include retirement accounts, life insurance policies, pensions, or any other financial assets. Be sure to accurately identify the specific account or policy associated with the beneficiary designation.
6. Review and finalize: Carefully review all the information you have entered on the beneficiary designation form to ensure accuracy. Double-check the spelling of names, verify the correct entry of Social Security numbers, and confirm that all required fields have been completed. Sign and date the form as required, and retain a copy of the completed form for your records.

Who needs a beneficiary designation form?

1. People with retirement accounts: Individuals who have retirement accounts such as a 401(k), IRA, or pension plan often need to fill out a beneficiary designation form to specify who will receive the account assets in the event of their death.
2. Life insurance policyholders: Those who have life insurance policies must designate beneficiaries to receive the policy's death benefit upon their passing. This is typically done by filling out a beneficiary designation form provided by the insurance company.
3. Estate planning individuals: People engaged in estate planning may need to fill out beneficiary designation forms for various assets, including investment accounts, annuities, or trusts. These forms help ensure that the intended beneficiaries receive the assets as per the individual's wishes.

Note: It's important to regularly review and update beneficiary designation forms to reflect any life changes such as marriage, divorce, or the birth of children.

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What is beneficiary designation form?

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 with designated beneficiaries is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, one must provide their personal information, the information of the beneficiary, and details of the assets or benefits being designated.

What is the purpose of beneficiary designation form?

The purpose of 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 beneficiary designation form must include personal information of the individual, details of the assets or benefits, and information about the designated beneficiary.