Get the free CHANGE OF BENEFICIARY - Lincoln Financial Group

Change of Beneficiary The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York Servicing Office PO Box 2348 Fort Wayne IN 468012348 Fax Number 2604556310 www.LincolnFinancial.com

How to fill out change of beneficiary

How to fill out a change of beneficiary?

1. Gather the necessary documents: Start by gathering the relevant documents required to complete the change of beneficiary form. These documents may include your current beneficiary designation form, identification documents, and any supporting documentation requested by your insurance company or financial institution.
2. Review the form: Carefully read through the change of beneficiary form provided by your insurance company or financial institution. Take note of any specific instructions or guidelines mentioned in the form.
3. Provide personal information: Fill in your personal information accurately, including your full name, address, contact details, and any other required details. Ensure that all information provided is up to date and correct.
4. Identify the policy/account: Indicate the policy number or account number for which you are requesting the change of beneficiary. This helps the insurance company or financial institution identify the specific account to which the change applies.
5. Specify the beneficiary change: Clearly state the name(s) of the current beneficiary(ies) that you wish to change and provide the reason for the change. If you have multiple policies or accounts, ensure that you specify the correct one(s).
6. Choose the new beneficiary: Indicate the name(s) and contact information of the new beneficiary(ies) you wish to designate. Ensure that the information provided is accurate and that you include any necessary details such as their relationship to you.
7. Sign and date the form: Once you have completed all the required sections, carefully review the form for any errors or omissions. Sign and date the form at the designated area to validate your request. If necessary, obtain witnesses or notarization as required by the insurance company or financial institution.

Who needs a change of beneficiary?

1. Life insurance policyholders: Life insurance policyholders may need to change their beneficiaries for various reasons, such as a change in marital status, the birth of a child, or the desire to update their estate planning.
2. Retirement account holders: Individuals with retirement accounts, such as 401(k), IRA, or pension plans, may need to change their beneficiaries to ensure that their assets are distributed as per their wishes in the event of their death.
3. Trust creators: If you have established a trust and named beneficiaries, you may need to update the beneficiary designation if circumstances or your wishes have changed.
4. Will or estate plan updates: If you have recently updated your will or estate plan, it is advisable to review and update your beneficiary designations to align with your latest wishes.
5. Divorced or remarried individuals: Changes in marital status, such as divorces or remarriages, often necessitate revisiting and updating beneficiary designations to reflect the new circumstances and intended distribution of assets.

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What is change of beneficiary?

Change of beneficiary is a process of updating or modifying the designated recipient of benefits or assets in a specific contract or policy, such as an insurance policy, retirement account, or trust.

Who is required to file change of beneficiary?

The policyholder or contract owner is usually required to file a change of beneficiary form to update the recipient of benefits. In some cases, a joint agreement of all parties involved may be necessary.

How to fill out change of beneficiary?

To fill out a change of beneficiary form, you typically need to provide the policy or contract details, the existing beneficiary information, and the updated beneficiary details. The form may also require your signature or other additional information.

What is the purpose of change of beneficiary?

The purpose of a change of beneficiary is to ensure that the benefits or assets are directed to the intended recipient, especially if there have been changes in personal circumstances or relationships. It allows policyholders or contract owners to update their beneficiary designation as needed.

What information must be reported on change of beneficiary?

The information required to be reported on a change of beneficiary form often includes the policy or contract number, the name and contact details of the policyholder or contract owner, the existing beneficiary's information, and the new beneficiary's information. Additional details may be required based on the specific policy or contract.