Get the free Designated Beneficiary Form - Municipal Employees' Annuity and ... - meabf

Municipal Employees Annuity and Benefit Fund of Chicago 321 North Clark Street, Suite 700, Chicago, Illinois 60654 Telephone: 312-236-4700 Fax: 312-527-0192 www.meabf.org Information and Instructions

How to fill out designated beneficiary form

How to fill out designated beneficiary form:

1. Obtain the form: Start by acquiring the designated beneficiary form, which is usually provided by the entity responsible for managing the specific account or policy. This could be a financial institution, insurance company, or retirement plan administrator.
2. Provide personal information: Begin by entering your personal details such as your full name, address, contact information, and social security number. Make sure to provide accurate and up-to-date information to avoid any complications or delays.
3. Choose your beneficiaries: Specify the beneficiaries who will receive the proceeds or benefits upon your passing. Typically, you will need to provide their full names, relationship to you, and their contact information. You may choose to allocate specific percentages or amounts to each beneficiary or divide it equally among them.
4. Consider contingent beneficiaries: In case any of the primary beneficiaries predecease you or are unable to receive the benefits, it's advisable to designate contingent beneficiaries. These individuals would receive the benefits if the primary beneficiaries are no longer eligible. Provide their information in the appropriate section of the form.
5. Review and sign the form: Once you have filled in all the necessary details, carefully review the form to ensure accuracy. Double-check the names, addresses, and other important information. If everything is correct, sign and date the form.
6. Submit the form: Follow the instructions provided by the entity offering the designated beneficiary form to submit it. This may involve mailing the form to a specific address, submitting it online through a secure portal, or personally delivering it to their office. Retain a copy of the form for your records.

Who needs designated beneficiary form:

1. Individuals with retirement accounts: Those who have Individual Retirement Accounts (IRAs), 401(k)s, or any other type of retirement savings plan should have a designated beneficiary form. This ensures that the funds are distributed according to your wishes and in a tax-efficient manner.
2. Life insurance policyholders: If you have a life insurance policy, filling out a designated beneficiary form is crucial. It allows you to determine who will receive the death benefit payout upon your passing.
3. Trust creators: A designated beneficiary form may be necessary for those who have established trusts and want to name specific beneficiaries to receive the trust's assets.
4. Pension plan participants: Employees who are part of a pension plan or have a pension account should typically complete a designated beneficiary form. This helps ensure that the pension benefits are distributed according to their wishes.
5. Account holders with financial institutions: Certain financial accounts or investment vehicles may require the completion of a designated beneficiary form. This can include bank accounts, brokerage accounts, or individual securities.

Remember, it's always advisable to consult with a qualified attorney or financial advisor to ensure you are completing the designated beneficiary form correctly and in line with your estate planning goals.

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What is designated beneficiary form?

Designated beneficiary form is a document that designates who will receive specific assets upon the account holder's death.

Who is required to file designated beneficiary form?

The account holder is required to file a designated beneficiary form.

How to fill out designated beneficiary form?

You can fill out a designated beneficiary form by providing your personal information and the information of the designated beneficiary.

What is the purpose of designated beneficiary form?

The purpose of the designated beneficiary form is to ensure that assets are distributed according to the account holder's wishes.

What information must be reported on designated beneficiary form?

The designated beneficiary form typically requires information such as the beneficiary's name, relationship to the account holder, and contact information.