Get the free BENEFICIARY DESIGNATION FORM - sterlinghsa.com

P.O. Box 71107 Oakland, CA 94612 1.800.617.4729 1.877.517.4729 www.sterlingadministration.com 2016 Sterling Administration rev 05.16 1 BENEFICIARY DESIGNATION

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Start by gathering the necessary information: You will need to have the full legal name, date of birth, and social security number or taxpayer identification number of each beneficiary you wish to designate.
2. Determine the percentage or amount to allocate to each beneficiary: Decide how you want to distribute your assets among your beneficiaries. You can either assign a specific percentage or specify a fixed amount for each individual.
3. Review the form's instructions: Before filling out the beneficiary designation form, carefully read any instructions provided by the financial institution or organization offering the form. Pay attention to any specific requirements or limitations.
4. Fill in your personal information: Provide your own personal information, such as your full name, address, and contact details. This information is necessary for the form to identify you as the account holder or policyholder.
5. List the beneficiaries: Write down the full legal name, date of birth, and social security number or taxpayer identification number of each beneficiary. Be sure to provide accurate and up-to-date information.
6. Indicate the allocation: Specify the percentage or amount you want to allocate to each beneficiary. Make sure the total distribution adds up to 100% or the entire value of the account or policy.
7. Sign and date the form: Once you have completed all the required fields, sign and date the beneficiary designation form. Some forms may also require a witness or notary public to validate your signature.

Who needs a beneficiary designation form?

1. Individuals with retirement accounts: If you have a 401(k), IRA, or any other type of retirement account, it is essential to complete a beneficiary designation form. This ensures that your designated beneficiaries will receive the assets in the account upon your death.
2. Life insurance policyholders: When you purchase a life insurance policy, you will need to designate one or more beneficiaries who will receive the death benefit if you pass away.
3. Bank account holders: Some financial institutions offer the option to designate beneficiaries for certain types of accounts, such as payable-on-death (POD) accounts or transfer-on-death (TOD) accounts. These designations allow the account assets to transfer directly to the designated beneficiaries upon your death.

In summary, filling out a beneficiary designation form involves gathering the necessary information, deciding on the allocation for each beneficiary, and providing accurate personal details. This form is crucial for individuals with retirement accounts, life insurance policies, or specific types of bank accounts.

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What is beneficiary designation form?

The beneficiary designation form is a legal document that allows an individual to specify who will receive their assets or benefits upon their death.

Who is required to file beneficiary designation form?

Anyone who has assets or benefits that they want to pass on to a specific individual or entity 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, one must provide their personal information, the information of the beneficiary, and details about the assets or benefits being designated.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that one's assets or benefits are transferred to the intended recipient upon their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include personal information of the account holder, details of the beneficiary, and specifics about the assets or benefits being designated.