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Beneficiary Designation and Change Request A Minnesota Life Insurance Company A Security Company Employer Plans Department B24930 400 Robert Street North Policy number Employer name St. Paul, Minnesota

How to fill out beneficiary designation and change

How to fill out beneficiary designation and change:

1. Locate the beneficiary designation form: The first step is to find the specific form provided by your financial institution or insurance company. This form is typically titled "Beneficiary Designation" or something similar. Contact your institution or check their website to obtain the form.
2. Provide personal information: Start by filling out your personal details accurately on the form. This includes your full name, date of birth, social security number, and contact information. Ensure that the information provided matches what is on file with the institution.
3. Designate primary beneficiaries: Indicate the primary beneficiaries by providing their full names, relationship to you, and their respective percentages of the distribution. You may designate multiple primary beneficiaries and allocate percentages accordingly.
4. Designate contingent beneficiaries: Specify any contingent beneficiaries who will receive the assets if the primary beneficiaries are unable to do so. Again, include their full names, relationship to you, and percentages.
5. Review and sign: Carefully review all the information you have filled out on the form to ensure accuracy. Once satisfied, sign and date the form in the designated areas. Some institutions may require witnesses or notarization, so follow their guidelines accordingly.
6. Submit the form: After completing the form, make copies for your records and submit the original form to the appropriate institution. You can mail it, drop it off in person, or submit it electronically, depending on the institution's preferences.

Who needs beneficiary designation and change:

1. Individuals with retirement accounts: If you have a 401(k), IRA, or other retirement accounts, it is important to designate beneficiaries. This ensures a smooth transfer of assets to your chosen beneficiaries upon your passing.
2. Life insurance policyholders: Life insurance policies often require the designation of beneficiaries to determine who will receive the death benefit upon the insured person's demise. Keeping beneficiaries up to date is essential to ensure payouts are made according to your wishes.
3. Estate planning: Beneficiary designations are crucial for individuals who have estate plans in place. They allow you to specify how certain assets should be distributed outside of the probate process, ensuring your intentions are carried out efficiently.
4. Financial account holders: It is common practice to designate beneficiaries for bank accounts, brokerage accounts, and other financial holdings. This can streamline the transfer of these assets and avoid potential complications for your loved ones.

Remember, it is advisable to review your beneficiary designations periodically, especially after significant life events like marriage, divorce, or the birth of children. Keeping your beneficiaries updated ensures that your assets are distributed according to your current wishes.

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What is beneficiary designation and change?

Beneficiary designation and change is the process of naming or updating the individual or entity who will receive the benefits of a specific account or policy upon the owner's death.

Who is required to file beneficiary designation and change?

Individuals who have accounts or policies that include beneficiary designations are required to file beneficiary designation and change forms.

How to fill out beneficiary designation and change?

Beneficiary designation and change forms can typically be filled out online or through paper forms provided by the account holder or policy owner.

What is the purpose of beneficiary designation and change?

The purpose of beneficiary designation and change is to ensure that the benefits of an account or policy are distributed according to the account holder's or policy owner's wishes.

What information must be reported on beneficiary designation and change?

Beneficiary designation and change forms typically require the beneficiary's full legal name, relationship to the account holder or policy owner, date of birth, and contact information.