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Form 1102 Revised 7/6/2012-Page 1 ACTIVE MEMBER BENEFICIARY FORM BENEFICIARY DESIGNATION, CONTINGENT BENEFICIARY FOR ACTIVE MEMBERS ONLY RETIREES USE FORM 7201 SC Public Employee Benefit Authority

How to fill out beneficiary designation contingent beneficiary

How to Fill Out Beneficiary Designation Contingent Beneficiary:

1. Determine the type of account or policy: Identify the specific account or policy for which you need to designate a contingent beneficiary. This could include a life insurance policy, retirement account, or investment account.
2. Obtain the necessary forms: Contact the institution or company that manages the account or policy and request the appropriate beneficiary designation forms. They may be available online or you may need to request physical copies.
3. Provide personal information: Fill out the forms with your personal information, including your full name, address, date of birth, and social security number. This is typically required to ensure the accuracy and legitimacy of the designated beneficiary.
4. Choose the contingent beneficiary: Clearly indicate the name, relationship, and contact information of the contingent beneficiary. This individual or entity will receive the assets or benefits if the primary beneficiary is unable to fulfill their role or predeceases you.
5. Review and sign: Carefully review all the information provided on the beneficiary designation forms to ensure accuracy and completeness. Once you are satisfied, sign and date the forms according to the instructions provided.
6. Submit the forms: Follow the instructions provided by the institution or company to submit the completed forms. This may involve mailing the forms, submitting them electronically, or visiting a local branch office.

Who Needs Beneficiary Designation Contingent Beneficiary?

1. Individuals with financial accounts: Anyone who has financial accounts such as retirement accounts, life insurance policies, or investment accounts should consider designating a contingent beneficiary. This ensures that their assets are distributed according to their wishes in the event of their own death or the death of the primary beneficiary.
2. Parents and caregivers: Parents or individuals responsible for the care of dependents should designate a contingent beneficiary to provide for their loved ones in case anything happens to them. This can include naming a trusted individual or a trust that will hold the assets for the benefit of the dependents.
3. Business owners: Business owners who have key person insurance policies or business accounts should designate a contingent beneficiary to ensure the smooth transfer of these assets in the event of their death or the death of the primary beneficiary.

In summary, filling out beneficiary designation contingent beneficiary involves determining the type of account or policy, obtaining the necessary forms, providing personal information, choosing the contingent beneficiary, reviewing and signing the forms, and submitting them according to the instructions. This process is important for individuals with financial accounts, parents or caregivers, and business owners.

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What is beneficiary designation contingent beneficiary?

A contingent beneficiary is a person or entity who will receive the assets of a financial account if the primary beneficiary is unable to do so.

Who is required to file beneficiary designation contingent beneficiary?

The account holder or policyholder is required to fill out the beneficiary designation form to name the contingent beneficiary.

How to fill out beneficiary designation contingent beneficiary?

To fill out the form, the account holder must provide the name, contact information, and relationship to the primary beneficiary of the contingent beneficiary.

What is the purpose of beneficiary designation contingent beneficiary?

The purpose of naming a contingent beneficiary is to ensure that there is a backup plan in place in case the primary beneficiary is unable to receive the assets.

What information must be reported on beneficiary designation contingent beneficiary?

The information required typically includes the full legal name, date of birth, social security number, and relationship to the primary beneficiary.