Get the free Change of Beneficiary Designation Form and Instructions

Change of Beneficiary Designation Forms and Instructions For Changing the Designated Beneficiaries for Your OppenheimerFunds Traditional IRA, Roth IRA, SEP IRA, SARSEPIRA, SIMPLE IRA or 403(b)(7)

How to fill out change of beneficiary designation

How to fill out change of beneficiary designation:

1. Obtain the necessary forms: Contact your insurance company, retirement plan provider, or financial institution to request the change of beneficiary designation forms. They may be available on their website or can be mailed to you upon request.
2. Review the existing beneficiary designation: Take a look at the current beneficiary designation on your insurance policy, retirement plan, or any other financial accounts. This will help you identify who the current beneficiaries are and whether you need to make any changes.
3. Gather required information: Before filling out the forms, gather all the necessary information, such as the full names, addresses, and social security numbers of the new beneficiaries. It's important to have accurate and up-to-date information for each beneficiary.
4. Understand the options: Familiarize yourself with the various types of beneficiary designations available based on your financial accounts. These may include primary beneficiaries, contingent beneficiaries, and even specific percentages or fractions that you can allocate among multiple beneficiaries.
5. Fill out the forms: Carefully complete the change of beneficiary designation forms, providing all the requested information accurately. Double-check for any errors or missing details before submitting the forms.
6. Witness or notarize if required: Depending on the financial institution or state laws, the change of beneficiary designation forms may need to be witnessed or notarized. Follow the instructions provided by the institution and ensure proper execution.
7. Submit the forms: Once you have filled out the forms correctly and signed them as required, submit them to the appropriate institution. This can typically be done by mail, in person, or online through their designated portal. Retain copies of the forms for your records.

Who needs change of beneficiary designation:

1. Life changes: Individuals who have experienced major life changes such as marriage, divorce, the birth or adoption of a child, or the death of a beneficiary may need to update their beneficiary designations accordingly.
2. Estate planning: Those who wish to distribute their assets or insurance proceeds differently than what is automatically dictated by the rules of inheritance in their jurisdiction may need to change their beneficiary designations to reflect their desired distribution.
3. Change in relationships: If you have had a falling out or estrangement with a designated beneficiary, you may want to consider changing the beneficiary designation to remove them or replace them with someone else.
4. Estate updates: As part of regular estate planning reviews, it is wise to periodically review and update your beneficiary designations to ensure they align with your current wishes and circumstances.
5. Financial account changes: Any changes in your financial accounts, such as opening a new retirement plan or purchasing a new life insurance policy, may require you to designate or update beneficiaries.

Remember, it is always recommended to seek professional guidance from an attorney or financial advisor when making changes to your beneficiary designations, to ensure that they align with your overall estate planning goals and legal requirements.

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What is change of beneficiary designation?

Change of beneficiary designation is the process of updating the individual who will receive benefits from a financial account or insurance policy upon the account holder's or policyholder's death.

Who is required to file change of beneficiary designation?

The account holder or policyholder is required to file a change of beneficiary designation.

How to fill out change of beneficiary designation?

To fill out a change of beneficiary designation, you typically need to obtain the form from the financial institution or insurance company, provide your personal information, and specify the new beneficiary.

What is the purpose of change of beneficiary designation?

The purpose of change of beneficiary designation is to ensure that the intended individual receives the benefits from the account or policy.

What information must be reported on change of beneficiary designation?

The change of beneficiary designation form typically requires the account holder or policyholder to provide their name, contact information, social security number, and the new beneficiary's information.