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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 State

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Begin by accessing the beneficiary designation form provided by the specific institution or organization. This form is typically available on their website or can be obtained directly from them.
2. Fill in your personal information accurately and completely. This includes your full name, address, contact details, and any other information requested.
3. Identify the primary beneficiary. This is the person or entity who will receive the benefits in case of your passing. Provide their full name, contact information, and relationship to you.
4. If you have multiple primary beneficiaries, indicate the percentage of the benefit each individual or entity will receive. Ensure the total percentage adds up to 100%.
5. Consider naming contingent beneficiaries. These are individuals or entities who will receive the benefits in case the primary beneficiary is unable to receive them. Provide their full name, contact information, and relationship to you.
6. If you have multiple contingent beneficiaries, indicate the percentage of the benefit each individual or entity will receive. Again, the total percentage should add up to 100%.
7. Review the form thoroughly before submitting. Make sure all information is accurate and complete. If necessary, seek legal or financial advice to ensure proper documentation.
8. Sign and date the beneficiary designation form in the designated areas.
9. Depending on the requirements, you may need to have the form notarized or witnessed by a third party. Follow the specific instructions provided by the institution or organization.
10. Keep a copy of the completed form for your records and submit the original to the designated recipient.

Who needs beneficiary designation form:

1. Individuals who have life insurance policies: Life insurance policies often require the policyholder to designate beneficiaries who will receive the benefits in the event of their passing.
2. Individuals who have retirement accounts: Most retirement accounts, such as IRAs or 401(k)s, require beneficiaries to be named. This ensures that the funds in the account are transferred to the intended recipients.
3. Individuals who have investment accounts: Some investment accounts, such as brokerage accounts or mutual funds, may also require designation of beneficiaries to determine who will inherit the account.
4. Individuals who have pension plans: Pension plans often require the policyholder to name beneficiaries who will receive any remaining benefits upon their death.
5. Individuals who have payable-on-death bank accounts: Certain bank accounts allow the account holder to designate beneficiaries who will receive the funds in the account upon their death.

Overall, anyone who wants to ensure that their assets or benefits are distributed according to their wishes should consider filling out a beneficiary designation form. It is important to regularly review and update these forms to ensure they align with your current circumstances and intentions.

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What is beneficiary designation form?

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

Who is required to file beneficiary designation form?

Beneficiary designation forms are typically required to be filed by individuals who have retirement accounts, life insurance policies, or other assets with designated beneficiaries.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, an individual must provide their personal information, the name of the beneficiary, relationship to the beneficiary, and the percentage of the assets or benefits each beneficiary 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 or benefits are distributed according to their wishes after their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form typically requires the name, date of birth, social security number, and relationship to the beneficiary of each designated individual.