Get the free Beneficiary designation - standardlife

This document allows policyholders to designate beneficiaries for life insurance benefits under the policy, including information for contingent beneficiaries and specific requirements for Québec

How to fill out beneficiary designation - standardlife

How to fill out Beneficiary designation

1. Obtain the Beneficiary Designation Form from your financial institution or insurance provider.
2. Read the instructions carefully to understand the requirements.
3. Fill in your personal information, including your name, address, and account number.
4. Identify the beneficiaries by providing their full names, addresses, and social security numbers if required.
5. Specify the percentage of the asset each beneficiary will receive if there are multiple beneficiaries.
6. Sign and date the form to validate your designation.
7. Submit the completed form to your financial institution or insurance provider as per their guidelines.

Who needs Beneficiary designation?

1. Anyone who has financial accounts, retirement funds, or insurance policies should have a Beneficiary designation.
2. Individuals with dependents or specific wishes about asset distribution after their death need to designate beneficiaries.
3. People who want to ensure a smooth transfer of assets without the need for probate should complete a Beneficiary designation.

People Also Ask about

What is an example of beneficiary designation?

For example, if you name your three cousins as your primary beneficiaries, you can name the children of each cousin as alternate primary beneficiaries. Then, if one cousin dies before you do, their share will be divided between their children who are named as alternate primary beneficiaries.

What are the 4 types of beneficiaries?

Listing the beneficiaries of your wealth is an important first step in your estate plan. Generally, there are four classes of beneficiaries to consider: you and your spouse, friends and family, charity, and the government.

What is beneficiary designation?

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established.

Who is an example of a designated beneficiary?

An eligible designated beneficiary is a spouse, the minor child of the account owner, someone less than 10 years younger than the account owner (e.g., a family member or friend), or someone who is chronically ill or disabled.

What is an example of a beneficiary designation?

Primary Beneficiary: Jane Smith, spouse, 100% Primary Beneficiary: Gayle Rich, spouse, 100% Contingent Beneficiaries: Paul Jones, brother, 50% Contingent Beneficiaries: Teresa Rich, daughter, 40%

How to fill out beneficiary designation?

Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.

For pdfFiller’s FAQs

What is Beneficiary designation?

Beneficiary designation refers to the process of naming individuals or entities that will receive the assets or benefits of an account, policy, or estate upon the account holder's death. This designation is crucial for ensuring that the intended beneficiaries receive the appropriate assets without the need for probate.

Who is required to file Beneficiary designation?

Typically, individuals who own life insurance policies, retirement accounts, or certain investment accounts are required to file a beneficiary designation. It is the responsibility of the account holder to ensure that the designation is properly recorded and updated as necessary.

How to fill out Beneficiary designation?

To fill out a Beneficiary designation, individuals need to provide their personal information, such as name and contact details, and specify the beneficiaries by indicating their names, relationships, and the percentage of the asset they should receive. It is important to follow the specific instructions provided by the financial institution or insurance company when completing the form.

What is the purpose of Beneficiary designation?

The purpose of a Beneficiary designation is to ensure that assets are distributed according to the account holder's wishes upon their death. It helps avoid probate, facilitates quick transfer of assets, and allows individuals to select who will receive their benefits without legal complications.

What information must be reported on Beneficiary designation?

The information that must be reported on a Beneficiary designation typically includes the names of the beneficiaries, their contact information, their relationship to the account holder, and the percentage of the asset each beneficiary will receive. Additionally, some forms may require the Social Security numbers of the beneficiaries for identification purposes.