Get the free BENEFICIARY DESIGNATION FORM - Hurst-Euless-Bedford

The Lincoln National Life Insurance Company, PO Box 2649, Omaha, NE 681032649 toll-free (800) 4232765 Fax (800) 4624660 www.LincolnFinancial.com BENEFICIARY DESIGNATION FORM Policyholder/Employer

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Start by providing your personal information, such as your full name, date of birth, address, and contact details. This is necessary for identification purposes.
2. Indicate the type of account or policy for which you are designating a beneficiary. This could be a life insurance policy, retirement account, bank account, or investment account.
3. Clearly state the full name and relationship of the primary beneficiary. This is the person who will receive the proceeds or assets upon your death. It is important to provide their accurate information to avoid any confusion.
4. Determine the percentage or amount you wish to allocate to the primary beneficiary. If you have multiple primary beneficiaries, specify how the proceeds or assets should be divided among them.
5. Consider designating contingent beneficiaries. These individuals will receive the benefits in case the primary beneficiary predeceases you or is unable to fulfill their role. Provide their full names and relationships as well.
6. Review and understand any special instructions or conditions that may apply to the beneficiary designation form. This may include additional requirements, limitations, or restrictions.
7. Sign and date the form to validate your choices and intentions. Some forms may require witnesses or notarization, so make sure to follow the specific instructions provided.
8. Keep a copy of the completed beneficiary designation form for your records. It is also advisable to inform your loved ones and/or your attorney about the existence and location of the form, ensuring that it can be easily accessed when needed.

Who needs a beneficiary designation form:

1. Individuals with life insurance policies: A beneficiary designation form is essential for life insurance policyholders, as it determines who will receive the death benefit upon the policyholder's passing.
2. Retirement account owners: Whether it's an individual retirement account (IRA), 401(k), or pension plan, beneficiary designation forms are necessary to designate who will inherit the remaining funds in the account after the owner's death.
3. Bank account holders: Some financial institutions require a beneficiary designation form to specify who will receive the funds in the account upon the account holder's death.
4. Investment account holders: Similar to retirement accounts, investment accounts such as brokerage accounts or mutual funds may require a beneficiary designation form to determine the distribution of the assets upon the account holder's death.
5. Estate planners: Individuals who are planning their estates, regardless of their age or asset size, may find it advantageous to complete beneficiary designation forms. These forms allow them to ensure a smooth transfer of assets to their chosen beneficiaries upon their death, bypassing probate in certain cases.

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What is beneficiary designation form?

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

Who is required to file beneficiary designation form?

Individuals with retirement accounts, life insurance policies, or other assets that have designated beneficiaries are typically required to file a beneficiary designation form.

How to fill out beneficiary designation form?

Beneficiary designation forms can usually be obtained from the financial institution or insurance company holding the account or policy. The form typically requires the individual to provide their name, contact information, and the name and relationship of the beneficiary.

What is the purpose of beneficiary designation form?

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

What information must be reported on beneficiary designation form?

The beneficiary designation form typically requires the individual to provide their personal information, such as their name, address, and social security number, as well as the same information for the designated beneficiary.