Get the free Change of Beneficiary Form - 540E - BMO Bank of Montreal

BMO Life Assurance Company 60 Yong Street, Toronto, ON M5E 1H5 18777425244 4165964143 Fax CHANGE OF BENEFICIARY FORM INSTRUCTIONS: All persons signing this form must have attained the age of majority.

How to fill out change of beneficiary form

How to fill out change of beneficiary form:

1. Download or obtain the change of beneficiary form: You can usually find this form on the website of the institution or company that manages your beneficiary designations. If you can't find it online, you may need to contact the institution directly to request a copy.
2. Read the instructions carefully: Before you start filling out the form, make sure you understand the instructions provided. This will help ensure that you provide all the necessary information and complete the form accurately.
3. Provide your personal information: Start by filling out your personal information, such as your full name, address, date of birth, and contact information. You may also need to provide your Social Security number, account number, or policy number, depending on the type of account or policy.
4. Indicate the type of account or policy: Specify the type of account or policy for which you are making the beneficiary change. This could be a life insurance policy, retirement account, investment account, or any other financial product that allows for beneficiary designations.
5. Identify the current beneficiary: Provide the name and relationship of the current beneficiary that you wish to change. This could be an individual's name, such as a family member or friend, or an organization, such as a charity or trust.
6. Choose the new beneficiary: Indicate the name and relationship of the new beneficiary that you want to designate. Make sure to provide accurate and up-to-date information to avoid any issues or delays in processing the change.
7. Specify the percentage or allocation: If the account or policy allows for multiple beneficiaries, indicate the percentage or allocation that each beneficiary should receive. Ensure that the total allocation adds up to 100% or as required by the institution or policy guidelines.
8. Provide your signature and date: Sign and date the form to validate your request. Some forms may require a witness or notary public to witness your signature, so make sure to check the instructions and follow any additional requirements.

Who needs a change of beneficiary form:

1. Individuals with life insurance policies: If you have a life insurance policy and want to update the beneficiary designation, you would need a change of beneficiary form.
2. Retirement account holders: Individuals with retirement accounts, such as IRAs, 401(k)s, or pension plans, may require a change of beneficiary form if they wish to modify their beneficiary designations.
3. Investment account holders: Some investment accounts, like brokerage or mutual fund accounts, may allow for beneficiaries. If you want to update the beneficiaries on these accounts, you will need a change of beneficiary form.
4. Trusts or estate plans: If you have a trust or an estate plan, you may need to update the beneficiary designations of certain assets. In such cases, a change of beneficiary form might be necessary.
5. Individuals with other financial products: Depending on the institution or type of financial product, there may be other scenarios where a change of beneficiary form is required. This could include annuities, insurance policies other than life insurance, or any other accounts that allow for beneficiary designations. It is best to check with the specific institution for guidance in these cases.

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