Get the free Change of Beneficiary Designation (TOD) (PDF). Use this form when establishing or ch...

Please remember to sign application after printing. Print Clear Form Change of Beneficiary Designation (TOD) For use only with transfer on death registration. For retirement accounts, use the change

How to fill out change of beneficiary designation

Instructions for filling out a change of beneficiary designation:

1. Obtain the necessary form: Start by acquiring the change of beneficiary designation form. This form is usually provided by the institution or organization responsible for the specific insurance policy, retirement account, or other related asset.
2. Review the instructions: Carefully read and understand the instructions provided with the form. These instructions will guide you through the process and ensure that you accurately complete the form.
3. Provide personal information: Begin by furnishing the required personal information such as your full name, address, phone number, and social security number. Some forms may also require the inclusion of additional identifying information.
4. Identify the existing policy or account: Indicate the specific policy or account for which you are seeking a change of beneficiary designation. This will typically involve providing details such as the policy or account number and the name of the insurance company or financial institution.
5. Select new beneficiaries: Clearly state the new beneficiaries you wish to designate, including their full names, relationship to you, and relevant contact information. If you are designating multiple beneficiaries, specify the percentage or share of the proceeds that each individual will receive.
6. Consider contingent beneficiaries: Contingent beneficiaries are individuals who will receive the proceeds if the primary beneficiary predeceases you. Decide whether you want to name contingent beneficiaries and provide their details accordingly.
7. Obtain necessary signatures: Sign and date the form as required. Some forms may also require the signatures of witnesses or a notary public. Ensure that all required signatures are obtained before submitting the form.
8. Submit the form: Submit the completed change of beneficiary designation form to the appropriate institution or organization. Follow any additional instructions provided, such as sending the form via mail or submitting it electronically through a secure online portal.

Who needs change of beneficiary designation?

1. Individuals with life insurance policies: If you have a life insurance policy, you may need to change the beneficiary designation to ensure that the proceeds go to your desired recipient(s) after your passing.
2. Retirement account holders: Those who have retirement accounts, such as a 401(k) or IRA, should consider updating their beneficiary designations to reflect any changes in personal circumstances or preferences.
3. Trust creators and beneficiaries: If you have set up a trust, it may be necessary to modify the beneficiary designations within the trust documents to account for changes in family dynamics, relationships, or financial goals.
4. Individuals with investment accounts: Some investment accounts, such as brokerage or mutual fund accounts, allow for designated beneficiaries. Review and update the beneficiary information to align with your intentions.
5. Policyholders with other insurance products: Beyond life insurance, other insurance products like disability or accident insurance may also require a change of beneficiary designation to ensure the proceeds are distributed as intended.

Remember, it is always advisable to consult with legal or financial professionals to ensure the change of beneficiary designation is executed properly and in line with your unique circumstances.

For pdfFiller’s FAQs

What is change of beneficiary designation?

Change of beneficiary designation is a process of updating or modifying the designated beneficiary of a particular policy, account, or asset. It allows an individual to name or change the person(s) who will receive the benefits or ownership rights upon their death.

Who is required to file change of beneficiary designation?

The policyholder, account holder, or asset owner is typically required to file a change of beneficiary designation. This person has the authority to designate or change the beneficiaries.

How to fill out change of beneficiary designation?

To fill out a change of beneficiary designation, you typically need to obtain the appropriate form from the insurance company, financial institution, or asset custodian. You must then provide the requested information, including the current beneficiaries, new beneficiaries, and any necessary signatures. It is crucial to review the instructions carefully and ensure the form is completed accurately.

What is the purpose of change of beneficiary designation?

The purpose of change of beneficiary designation is to update the intended recipients of policy benefits, account funds, or ownership rights. It allows individuals to reflect their current wishes and ensure their assets are distributed according to their preferences.

What information must be reported on change of beneficiary designation?

The information required on a change of beneficiary designation typically includes the policyholder's or account owner's name, beneficiary details (such as name, date of birth, and relationship), and the effective date of the change. Additional documentation, such as proof of identification, may also be necessary.

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