Get the free Beneficiary designation form - Benefits - New Mexico State University

BENEFICIARY DESIGNATION FORM INSTRUCTIONS (PLEASE PRINT, SIGN AND DATE THIS FORM IN BLACK INK) Employee/Retired Employee Name SSN Date of Birth Home Telephone Number Home Address City Employer New

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Begin by clearly identifying the form: Locate the beneficiary designation form provided by your financial institution or insurance company. It may be available online or in physical copy.
2. Provide personal information: Fill in your personal details accurately, including your full name, address, phone number, and email address. Some forms might also require your Social Security number or other identification numbers.
3. Specify the account or policy: Indicate the specific account or policy for which you are designating a beneficiary. This could be a retirement account, life insurance policy, investment account, or any other relevant financial product.
4. Choose primary and contingent beneficiaries: Identify who will be your primary beneficiary – the person or organization who will receive the funds or benefits upon your passing. You may name multiple primary beneficiaries and specify the percentage or allocation each will receive. Additionally, you can designate contingent beneficiaries who will receive the benefits if the primary beneficiaries are unable to.
5. Provide beneficiary details: For each beneficiary, include their full name, relationship to you, date of birth, and contact information. If you are designating an organization, include its legal name and address.
6. Determine the distribution method: Indicate how the funds or benefits should be distributed among the beneficiaries. This could be equally, in specific percentages, or according to any other instructions provided.
7. Consider special circumstances: If you have specific instructions for the distribution of the benefits or if any beneficiaries have special needs, you might be able to provide additional details or attach additional documentation.
8. Review and sign: Carefully review all the information provided on the form to ensure accuracy. Double-check the spelling of names, addresses, and any other relevant details. Once confirmed, sign and date the form.

Who needs a beneficiary designation form?

1. Individuals with retirement accounts: If you have a 401(k), IRA, or other retirement accounts, you will likely need a beneficiary designation form to specify who should receive the funds upon your passing.
2. Life insurance policyholders: Life insurance policies require beneficiary designation forms to determine who will receive the death benefit.
3. Trust beneficiaries: If you have established a trust and want to designate beneficiaries for the trust assets, a beneficiary designation form might be necessary.
4. Investment account holders: Some investment accounts, such as brokerage or mutual fund accounts, may require beneficiary designation forms to determine the distribution of the account's assets.
5. Employee benefit plan participants: If you have workplace benefits such as pensions or stock options, you may need to complete a beneficiary designation form to determine who will receive these benefits after your death.

Note: It is important to regularly review and update your beneficiary designation form to ensure it reflects your current wishes and circumstances. Life events such as marriage, divorce, birth, or death may require changes to your beneficiary designations. Always consult with a professional advisor or attorney if you have complex situations or questions regarding beneficiary designation forms.

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What is beneficiary designation form?

Beneficiary designation form is a legal document that allows an individual to specify who will receive their assets, such as life insurance proceeds or retirement funds, upon their death.

Who is required to file beneficiary designation form?

Individuals who have assets that require a beneficiary designation, such as life insurance policies or retirement accounts, are required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, an individual must provide the required information, including the name of the beneficiary, their relationship to the individual, and the percentage of the assets they will receive.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that an individual's assets are transferred to the intended beneficiaries upon their death, without the need for probate.

What information must be reported on beneficiary designation form?

The information that must be reported on a beneficiary designation form includes the name and contact information of the beneficiary, their relationship to the individual, and the percentage of the assets they will receive.