Get the free BENEFICIARY DESIGNATION FORM - Tri-State Welfare Fund

18861 90th Ave, Suite A Modena, Illinois 60448 Toll-free 8664639418 Fax 6309673080 www.tristatewelfarefund.com aristate abpatpa.com BENEFICIARY DESIGNATION FORM I. Information about You: Name Social

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Obtain the form: Contact your financial institution, insurance company, or retirement plan administrator to request the beneficiary designation form. They may provide it online or can send it to you via mail or email.
2. Provide identification information: Fill in your personal details such as your full name, address, date of birth, and social security number. This information helps identify you as the account or policy owner.
3. Select primary beneficiary: Designate the primary beneficiary, which is the person or entity who will receive the assets or benefits upon your death. Provide their full name, relationship to you, and their contact information.
4. Choose secondary or contingent beneficiaries: If your primary beneficiary predeceases you or cannot be located, you can name secondary or contingent beneficiaries. Like before, specify their names, relationships, and contact details.
5. Specify the percentage of benefit: If there are multiple beneficiaries, indicate the percentage each beneficiary should receive. The total percentage must equal 100%. If you want equal distribution, you can assign an equal percentage to each beneficiary.
6. Legal guardian for minor beneficiaries: If you designate a minor as a beneficiary, you need to appoint a legal guardian to handle the assets until the minor reaches the age of majority. Provide the guardian's full name, address, and contact information.
7. Review and sign: Thoroughly review the information you entered and make any necessary corrections. Once satisfied, sign and date the form. Some forms may require a witness or notary public to authenticate your signature.

Who needs a beneficiary designation form:

1. Retirement plan participants: It is crucial for individuals with a retirement plan, such as a 401(k) or IRA, to complete a beneficiary designation form. This ensures that their chosen beneficiaries will receive the funds upon their death.
2. Life insurance policyholders: When you have a life insurance policy, a beneficiary designation form allows you to specify who should receive the death benefit payout when you pass away.
3. Trusts and estate planning: When establishing a trust or engaging in estate planning, naming beneficiaries is an important step. Beneficiary designation forms help ensure proper distribution of assets according to your wishes.
4. Bank accounts and investment accounts: Some financial institutions require beneficiary designation forms for accounts such as savings accounts, certificates of deposit (CDs), or brokerage accounts. This helps determine who will inherit the account balance.
5. Employee benefit plans: Many employers offer employee benefit plans like group life insurance or pension plans. Completing a beneficiary designation form enables you to indicate how these benefits should be distributed.

Remember to regularly review and update your beneficiary designation forms to reflect any changes in your circumstances, such as births, deaths, marriages, or divorces.

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What is beneficiary designation form?

Beneficiary designation form is a 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?

Any individual who has assets or benefits that will be passed on to a beneficiary, such as retirement accounts or life insurance policies, is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, the individual must provide their personal information as well as the information of the designated beneficiary, including their name, relationship, and contact information.

What is the purpose of beneficiary designation form?

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

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the individual's personal information, the beneficiary's personal information, and details of the assets or benefits being designated.