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31 Instructions For Choosing Your Beneficiary 30 Scranton Office Park Scranton, PA 18507-1789 Please print using blue or black ink. Keep a copy for your records and send the original form to the address

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Obtain the beneficiary designation form from the appropriate source, such as your employer, insurance company, or financial institution.
2. Fill in your personal information, including your full name, address, and contact details. Some forms may also require your social security number or other identifying information.
3. Provide the necessary details about the beneficiaries you wish to designate. This may include their full names, relationship to you, and their contact information.
4. Indicate the percentage or specific amount you want each beneficiary to receive upon your death. Ensure the total percentage or amount adds up to 100%.
5. If applicable, name contingent beneficiaries who will inherit the assets if the primary beneficiaries are unable to do so.
6. Sign and date the beneficiary designation form. Some forms may require a witness or notary public to authenticate your signature.
7. Make copies of the completed form for your records and submit the original form to the appropriate organization or individual as instructed.
8. Regularly review and update your beneficiary designation form whenever significant life events occur, such as marriage, divorce, or the birth of a child.

Who needs beneficiary designation form:

1. Individuals who hold life insurance policies often need a beneficiary designation form to specify who will receive the death benefit upon their passing.
2. Retirement account holders, such as those with 401(k)s or IRAs, typically require a beneficiary designation form to determine who will inherit the funds.
3. Employees participating in employer-sponsored benefit plans, such as pension plans or employee stock ownership plans (ESOPs), may need to complete a beneficiary designation form to allocate the benefits accordingly.
4. Individuals with payable-on-death (POD) or transfer-on-death (TOD) accounts, including bank accounts or brokerage accounts, may be required to designate beneficiaries using a beneficiary designation form.
5. Trust creators may need to complete a beneficiary designation form to designate who will receive the assets held in the trust upon their death.
6. Some states or countries may require individuals to complete a beneficiary designation form for purposes of estate planning or probate proceedings.
7. It is highly recommended that anyone who wishes to ensure their assets are distributed according to their wishes after death consider completing a beneficiary designation form.

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?

Anyone who has assets that they want to pass on to a specific individual or organization upon their death is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you typically need to provide your personal information, the information of the beneficiary, and details about the assets being designated.

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 upon their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form should include the names and contact information of the beneficiary, details about the assets being designated, and any specific instructions for distribution.

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