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BENEFICIARY DESIGNATION FORM INSTRUCTIONS Please Print, Sign and Date this Form in Black Ink and Return to: Employee/Retired Employee Name Home Address Dearborn National Attention: Customer Service

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Obtain a beneficiary designation form: Contact your insurance company, retirement plan administrator, or financial institution to request the appropriate beneficiary designation form. It may also be available online.
2. Provide your personal information: Fill out your full name, address, date of birth, and social security number on the form. This ensures accurate identification of the account or policy holder.
3. Designate primary beneficiaries: Indicate the individuals or entities who will receive the proceeds upon your death. Include their full names, relationship to you, and their respective percentage shares, if applicable. Specify whether they should receive the benefits outright or in trust.
4. Designate contingent beneficiaries: If your primary beneficiaries predecease you or are unable to receive the benefits, designate contingent beneficiaries. Follow the same process as for primary beneficiaries, specifying their names, relationship, and percentage shares, if applicable.
5. Choose a beneficiary designation method: Decide how the proceeds should be distributed among multiple beneficiaries. Common options include per capita (equally divided among living beneficiaries) and per stirpes (divided equally among deceased beneficiaries' surviving descendants).
6. Update beneficiary designations regularly: Review your beneficiary designations periodically, especially after significant life events such as marriage, divorce, birth, or death. Ensure that your designations reflect your current intentions.

Who needs beneficiary designation form:

1. Life insurance policyholders: Individuals who own life insurance policies often need beneficiary designation forms to specify who will receive the death benefits.
2. Retirement plan participants: Those who contribute to employer-sponsored retirement plans, such as 401(k) or IRA accounts, require beneficiary designation forms to determine the distribution of retirement assets upon their death.
3. Account holders with financial institutions: Individuals who hold various financial accounts, such as bank accounts, investment accounts, or annuities, may need beneficiary designation forms to designate beneficiaries for those assets.
4. Establishment of trust beneficiaries: When creating a trust, the grantor must complete a beneficiary designation form to identify who will benefit from the assets held within the trust.

In conclusion, anyone who wants to ensure that their assets or insurance proceeds are distributed according to their wishes after their death should consider filling out a beneficiary designation form. This applies to life insurance policyholders, retirement plan participants, account holders with financial institutions, and individuals establishing trusts.

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 upon their death.

Who is required to file beneficiary designation form?

Individuals who have assets such as life insurance policies, retirement accounts, or investment accounts that require a beneficiary to be designated are required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, one must provide their personal information, the name and relationship of the beneficiary, and the percentage of the assets each beneficiary will receive.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that an individual's assets are distributed according to their wishes after their death.

What information must be reported on beneficiary designation form?

Information such as personal details of the account holder, details of the beneficiary, and the percentage of assets each beneficiary will receive must be reported on a beneficiary designation form.

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