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June 1, 2014, Dear Member, Thank you for choosing First Alliance Credit Union for your financial services. This letter is to inform you that our internal procedures for tracking your beneficiaries

How to fill out new beneficiary designation form

How to fill out a new beneficiary designation form:

1. Gather necessary information: Before starting the form, make sure you have all the required details. This may include the full name, date of birth, social security number, and contact information of the primary account holder and the beneficiaries.
2. Understand the form's sections: Familiarize yourself with the layout and sections of the form. It may include sections for personal information, beneficiary details, contingency beneficiaries, and signatures.
3. Fill in personal information: Begin by providing your personal information as the primary account holder. Input your full name, address, contact details, and any other required information accurately.
4. Add beneficiary details: Enter the beneficiaries' information in the designated section. Include their full names, relationships to you, and their contact information. If you want to have multiple beneficiaries, ensure you have enough space on the form to list them all.
5. Consider contingent beneficiaries: Contingent beneficiaries are individuals who will receive the assets if the primary beneficiaries are unable to or choose not to accept the inheritance. If you wish to include contingent beneficiaries, provide their information in the appropriate section of the form.
6. Review and double-check: Before submitting the form, review all the information you have entered. Make sure there are no spelling mistakes, missing details, or discrepancies.
7. Sign and date: Once you have carefully reviewed the form, sign and date it appropriately. Some forms may require a witness signature as well. Follow the instructions provided on the form to complete this step accurately.

Who needs a new beneficiary designation form?

1. Individuals with life insurance policies: Life insurance policyholders often need to update their beneficiary designations, especially when life circumstances change, such as a marriage, divorce, birth, or death in the family.
2. Retirement account holders: People with retirement accounts, such as a 401(k) or IRA, may want to update their beneficiary information to ensure their assets pass on to the intended individuals in the event of their death.
3. Will or estate planning: Those who are creating or updating their will or engaging in estate planning may need to complete a new beneficiary designation form to ensure that their assets are distributed according to their wishes.
4. Investment account owners: Individuals who have investment accounts, such as stocks, mutual funds, or brokerage accounts, may need to update their beneficiary designations to avoid any complications or delays in the transfer of assets upon death.

Note: The need for a new beneficiary designation form may vary based on specific circumstances and the requirements of different financial institutions or providers. It is advisable to consult with a legal or financial professional for personalized guidance.

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