Get the free Beneficiary Designation Form - Teamsters Local 492

WESTERN TEAMSTERS WELFARE TRUST HEALTH & WELFARE BENEFICIARY DESIGNATION FORM PLEASE TYPE OR PRINT Employee Name: Social Security Number: Male Female Address: City State Postal Code Telephone Number:

How to fill out beneficiary designation form

1. To fill out a beneficiary designation form, first gather the necessary information. This may include the full names, dates of birth, social security numbers, and contact information for both the account owner and the designated beneficiaries.
2. Next, carefully review the instructions provided with the form. This will help ensure that you understand all the requirements and any specific guidelines for completing the form.
3. Begin filling out the form by providing the account owner's personal information, such as full name, address, and contact details.
4. Identify the type of account for which you are designating beneficiaries. This could be a retirement account, life insurance policy, investment account, or any other type as specified on the form.
5. List the full names, dates of birth, and relationship to the account owner for each designated beneficiary. Be sure to provide accurate and up-to-date information to avoid any confusion or complications down the line.
6. Determine the percentage or allocation of the account's assets that each beneficiary should receive upon the account owner's death. This can be expressed as a percentage, fractions, or specific dollar amounts, depending on the instructions provided on the form.
7. If the form allows for contingent beneficiaries, add their information as well. Contingent beneficiaries come into play if the primary beneficiaries are unable or unwilling to receive the assets.
8. Review the completed form for any errors or omissions. Double-check all the entered information to ensure accuracy and consistency.
9. Sign and date the form as required. If there are additional witnesses or notary requirements mentioned in the instructions, make sure to fulfill them accordingly.
10. Keep a copy of the completed beneficiary designation form for your records. Also, submit the original form to the appropriate institution or agency as instructed.

Who needs beneficiary designation form?

1. Anyone who has financial accounts, retirement plans, life insurance policies, or similar assets may need a beneficiary designation form. This is particularly important to ensure the proper distribution of assets upon the account owner's death.
2. Individuals who want control over who receives their assets after death should consider completing a beneficiary designation form. It allows for the designation of specific beneficiaries rather than relying on default probate laws.
3. Having a designated beneficiary can help avoid delays and legal complications in the distribution of assets. Hence, individuals who want to ensure a smooth transfer of their assets to their chosen recipients should complete a beneficiary designation form.

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