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The Lincoln National Life Insurance Company, PO Box 2649, Omaha, NE 68103-2649 toll-free (800) 423-2765 Fax (800) 462-4660 www.LincolnFinancial.com BENEFICIARY DESIGNATION FORM Policyholder/Employer

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Start by gathering all necessary information. This includes the full name, address, and contact information of the person filling out the form (the account owner) and the designated beneficiary.
2. Carefully read and understand the instructions provided on the form. Make sure you are aware of any specific requirements or considerations.
3. Begin filling out the form by entering the account owner's personal information. This may include their full legal name, date of birth, social security number, and any other required identification details.
4. Provide details about the financial account for which the beneficiary is being designated. This may include the name of the financial institution, the account number, and any other relevant information.
5. Clearly indicate the beneficiary's full legal name, date of birth, and relationship to the account owner. Ensure accurate spelling and information.
6. Specify the percentage or amount of the account that the beneficiary will receive upon the account owner's death. This can be done by entering a percentage or a specific dollar amount.
7. If necessary, provide any additional information or instructions as required by the form. This may include contingent beneficiaries or specific conditions related to the distribution of the assets.
8. Review the completed form for accuracy and completeness. Make sure all required fields are filled in, and double-check the provided information.
9. Sign and date the beneficiary designation form. Depending on the form's instructions, this may require the account owner's signature, a witness signature, or a notary public's seal.
10. Keep a copy of the completed beneficiary designation form for your records, and submit the original copy to the appropriate financial institution or organization.

Who needs a beneficiary designation form:

1. Individuals who own financial accounts, such as retirement accounts, life insurance policies, or investment accounts, may need a beneficiary designation form.
2. People who want to ensure that their assets and benefits are distributed according to their wishes upon their death will benefit from completing a beneficiary designation form.
3. It is especially crucial for individuals who have dependents or specific individuals they wish to receive their assets to designate beneficiaries on the form.
4. Business owners who have company-owned life insurance policies or specific retirement plans may be required to complete a beneficiary designation form as part of compliance and legal obligations.
5. Beneficiary designation forms are also commonly used in estate planning to ensure a smooth transfer of assets and to minimize potential conflicts among heirs.

Note: It is recommended to consult with an attorney or financial advisor for complex beneficiary designations or when updating your estate plan.

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What is beneficiary designation form?

Beneficiary designation form is a document used to designate who will receive the benefits of a retirement account or life insurance policy upon the account holder's or policyholder's death.

Who is required to file beneficiary designation form?

Anyone who has a retirement account or life insurance policy with a designated beneficiary should file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you will need to provide the name, relationship, and contact information of the beneficiary you wish to designate.

What is the purpose of beneficiary designation form?

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

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the full name, relationship to the account holder or policyholder, date of birth, and contact information of the beneficiary.