Get the free Beneficiary Designation form - FASCore

Beneficiary Designation 457/401(a) Plans Beneficiary Change SOONERSAVE DEFERRED COMPENSATION PLAN 457 98988-01 457 457/401(a)Number/Type Plan Plans SOONERSAVE SAVINGS INCENTIVE PLAN 401(a) 98988-02

How to fill out beneficiary designation form

How to fill out a beneficiary designation form?

1. Begin by obtaining the beneficiary designation form from the appropriate source. This may be from an insurance company, financial institution, or retirement plan provider.
2. Read the instructions carefully to understand the requirements and process for completing the form.
3. Start by providing your personal information, which may include your full name, address, and contact details. Some forms may also require your Social Security number or other identification information.
4. Identify the type of account or policy for which you are designating beneficiaries. This could be a life insurance policy, retirement plan account, or an investment account. Provide the necessary details, such as account numbers or policy information.
5. Indicate the primary beneficiary/beneficiaries. These are the individuals or entities who will receive the proceeds or benefits in the event of your death. Include their full names, relationship to you, and their contact information.
6. If desired, designate contingent beneficiaries. These individuals or entities will receive the benefits if the primary beneficiaries are unable to or choose not to accept them.
7. Specify the percentage or share of the benefits each beneficiary will receive. This is particularly important when designating multiple beneficiaries.
8. Consider including alternate beneficiaries in case the primary and contingent beneficiaries are unable to accept the benefits.
9. Date and sign the beneficiary designation form. Some forms may also require the signature of a witness or a notary.
10. Submit the completed form to the appropriate company or organization. It is recommended to retain a copy for your records.

Who needs a beneficiary designation form?

1. Individuals who have life insurance policies may need a beneficiary designation form to specify who will receive the policy benefits upon their death.
2. Individuals with retirement plans, such as 401(k)s, IRAs, or pension plans, often require beneficiary designation forms to determine who will inherit the remaining funds or assets in the account after their death.
3. Those who have investment accounts, such as brokerage or mutual fund accounts, may also need to complete a beneficiary designation form to determine who will receive the assets in the account upon their death.
4. Some financial institutions may also require beneficiary designation forms for certain types of bank accounts or certificates of deposit to specify who will receive the funds in the account in the event of the account holder's death.

In summary, anyone who wants to ensure that the proceeds or assets of their life insurance policy, retirement plan, investment account, or certain bank accounts are distributed according to their wishes upon their death should complete a beneficiary designation form.

For pdfFiller’s FAQs

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?

Anyone who has assets or benefits that can be passed on to a beneficiary upon their death 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 your personal information, such as your name, address, and contact details, as well as the information of the designated beneficiary, including their name, relationship to you, and contact details.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that the assets or benefits of an individual are distributed according to their wishes upon their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form typically requires you to report your personal information, such as your name, address, and contact details, as well as the information of the designated beneficiary, including their name, relationship to you, and contact details.

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