Get the free DESIGNATION OF BENEFICIARY FORM

This form is used by participants of the Cummins Central Power, LLC Profit Sharing & Salary Plan to designate primary and contingent beneficiaries for their accounts.

How to fill out designation of beneficiary form

How to fill out DESIGNATION OF BENEFICIARY FORM

1. Obtain the DESIGNATION OF BENEFICIARY FORM from your insurance provider or financial institution.
2. Read any accompanying instructions or guidelines carefully to understand the requirements.
3. Fill in your personal information, including your name, address, and policy or account number.
4. Identify the primary beneficiary by providing their full name, relationship to you, and contact information.
5. If applicable, designate secondary beneficiaries and provide their details as well.
6. Specify the percentage of benefits each beneficiary will receive if there are multiple beneficiaries.
7. Review the completed form for accuracy and completeness.
8. Sign and date the form in the appropriate section.
9. Submit the form as directed, either by mail, fax, or in-person, and keep a copy for your records.

Who needs DESIGNATION OF BENEFICIARY FORM?

1. Individuals who have life insurance policies, retirement accounts, or any financial accounts that allow them to designate beneficiaries.

People Also Ask about

What is SF 1152 used for?

Abstract: Standard Form 2823 is used by any Federal employee or retiree covered by the Federal Employees' Group Life Insurance (FEGLI) Program, or an assignee who owns an insured's coverage, to instruct the Office of Federal Employees' Group Life Insurance how to distribute the proceeds of the FEGLI coverage when the

Who should I not name as a beneficiary?

Estranged relatives or former spouses – Family relationships can be complicated, so think carefully if an estranged relative or ex-spouse really aligns with your wishes. Pets – Pets can't legally own property, so naming them directly as beneficiaries is problematic.

What is an example of a beneficiary designation?

As an example, if a decedent had a bank account, it's possible that they had designated beneficiaries to inherit the bank account upon their death.

Who is the best person to name as a beneficiary?

A lot of people name a close relative — like a spouse, brother or sister, or child — as a beneficiary. You can also choose a more distant relative or a friend. If you want to designate a friend as your beneficiary, be sure to check with your insurance company or directly with your state.

How should I designate beneficiaries?

This includes providing detailed information such as full names, relationships to you and contact information to avoid any confusion. Consider Multiple Beneficiaries: You can name primary beneficiaries (the first in line to inherit) and contingent beneficiaries (who inherit if the primary beneficiaries cannot).

Why should I not list my trust as a primary beneficiary?

Naming a trust as a beneficiary is a good idea if beneficiaries are minors, have a disability, or can't be trusted with a large sum of money. The major disadvantage of naming a trust as a beneficiary is required minimum distribution (RMD) payouts.

What is the best way to designate beneficiaries?

10 tips about beneficiary designations Coordinate with your will and trust. Think twice before naming individual beneficiaries for particular assets. Avoid naming your estate as beneficiary. Use caution when naming a trust as beneficiary. Be aware of tax consequences. Use disclaimers when necessary — but be careful.

For pdfFiller’s FAQs

What is DESIGNATION OF BENEFICIARY FORM?

The DESIGNATION OF BENEFICIARY FORM is a legal document that allows an individual to specify who will receive their assets, benefits, or policy proceeds upon their death.

Who is required to file DESIGNATION OF BENEFICIARY FORM?

Individuals who have assets, insurance policies, or retirement accounts that require beneficiaries to be designated are typically required to file a DESIGNATION OF BENEFICIARY FORM.

How to fill out DESIGNATION OF BENEFICIARY FORM?

To fill out a DESIGNATION OF BENEFICIARY FORM, you should provide personal information such as your name, policy or account number, and specify the beneficiaries' names, relationships, and percentages of the assets they will receive.

What is the purpose of DESIGNATION OF BENEFICIARY FORM?

The purpose of the DESIGNATION OF BENEFICIARY FORM is to ensure that your assets are distributed according to your wishes after your death and to simplify the transfer process for your beneficiaries.

What information must be reported on DESIGNATION OF BENEFICIARY FORM?

The information that must be reported on the DESIGNATION OF BENEFICIARY FORM includes the name, contact information, and relationship of the beneficiaries, as well as the percentage of the assets each beneficiary is to receive.