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Beneficiary Designation Form Send your completed form to: Manlike Financial Attn: GRS Client Services, KC6 PO BOX 396 STN WATERLOO, ON N2J 4A9 Please print clearly in the blank boxes. Remember to

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Obtain the beneficiary designation form: Contact your financial institution or insurance company to request a copy of the beneficiary designation form. It may also be available online for download.
2. Provide your personal information: Fill in your full name, address, date of birth, and social security number. These details are essential for identifying you as the account or policy owner.
3. Designate primary beneficiary/beneficiaries: Specify the primary individual(s) or entity (e.g., a charity) who will receive the proceeds in the event of your death. Include their full names, addresses, and their relationship to you.
4. Specify contingent beneficiary/beneficiaries: Indicate the secondary individual(s) or entity who will be entitled to the proceeds if the primary beneficiary is unable to receive them. Again, provide their full names, addresses, and relationship to you.
5. Determine the distribution percentages: If there are multiple primary or contingent beneficiaries, assign the percentage of the proceeds each beneficiary is entitled to receive. Ensure the total adds up to 100%.
6. Consider any special instructions: If you have specific wishes or conditions regarding the distribution of the proceeds, such as provisions for minors, specify them in the form.
7. Signature and date: Sign and date the form to validate it. Some forms may require a witness or a notary public, so ensure you follow the instructions provided.

Who needs a beneficiary designation form?

1. Life insurance policyholders: Individuals who have a life insurance policy can designate beneficiaries to receive the proceeds upon their death.
2. Retirement plan participants: Those who contribute to retirement plans such as 401(k)s, IRAs, or pension plans can name beneficiaries who will inherit the account balance upon their passing.
3. Account holders with payable-on-death accounts: Some financial institutions offer payable-on-death accounts, where the account owner can assign beneficiaries to directly inherit the account balance upon their death.
4. Transfer-on-death securities owners: Individuals who own stocks, bonds, or other securities can designate beneficiaries who will inherit those investments upon their passing through a transfer-on-death or TOD designation.

It is essential to regularly review and update beneficiary designation forms to ensure they reflect your current wishes and circumstances.

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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 upon their death.

Who is required to file beneficiary designation form?

Any individual who has assets with designated beneficiaries, such as retirement accounts or life insurance policies, may be required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you will need to provide the names and contact information of your chosen beneficiaries, as well as specify what percentage of the assets each beneficiary will receive.

What is the purpose of beneficiary designation form?

The purpose of beneficiary designation form is to ensure that your assets are distributed according to your wishes after your death, without having to go through probate.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the names, addresses, and social security numbers of the beneficiaries, as well as the relationship to the account holder and the percentage of assets they will receive.