Get the free beneficiary designation form - California Lutheran University - callutheran

The Lincoln National Life Insurance Company, PO Box 2649, Omaha, NE 681032649 toll-free (800) 4232765 Fax (800) 4624660 www.LincolnFinancial.com.

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Gather the necessary information: Before starting to fill out the form, gather all the required information, including the full name, date of birth, and contact details of your beneficiaries. It's essential to collect accurate and up-to-date information to ensure the form is filled out correctly.
2. Read the instructions carefully: Beneficiary designation forms can vary depending on the type of account or policy. It's crucial to read the instructions provided with the form carefully. Make sure you understand the purpose of the form and the specific requirements for naming beneficiaries.
3. Provide your personal information: Fill out the sections that require your personal information accurately. This will typically include your full name, address, Social Security number, and account or policy number. It's essential to double-check this information to avoid any errors.
4. Specify primary and contingent beneficiaries: On the beneficiary designation form, you will typically find sections to name both primary and contingent beneficiaries. Primary beneficiaries are the individuals or entities who will receive the proceeds of the account or policy upon your death. Contingent beneficiaries will only receive the benefits if the primary beneficiaries predecease you.
5. Indicate the percentage or share distribution: When naming multiple beneficiaries, you may need to specify the percentage or share distribution each beneficiary will receive. This is particularly important when you want to allocate the benefits unequally among the beneficiaries.
6. Provide the beneficiaries' information: For each beneficiary named, provide their full name, date of birth, and contact information. Ensure that the information provided is accurate and up-to-date.
7. Consider additional options: Some beneficiary designation forms may offer additional options, such as secondary beneficiaries, charitable beneficiaries, or setting up trusts for minor beneficiaries. If these options align with your wishes, carefully consider whether to utilize them and provide the necessary information accordingly.

Who needs a beneficiary designation form?

1. Individuals with retirement accounts: Beneficiary designation forms are commonly required for retirement accounts, such as IRAs, 401(k)s, or pension plans. These forms allow you to specify who will inherit your retirement savings upon your death.
2. Life insurance policyholders: If you have a life insurance policy, you may need to fill out a beneficiary designation form to identify who will receive the death benefit when you pass away.
3. Trust creators: Individuals who have established trusts as part of their estate planning may need beneficiary designation forms to designate who will receive trust assets upon their death.
4. Individuals with payable-on-death (POD) or transfer-on-death (TOD) accounts: Some financial institutions offer accounts that allow you to name beneficiaries who will inherit the account balance directly without going through probate. These accounts often require the completion of a beneficiary designation form.
5. Owners of investment accounts or securities: In certain cases, investment accounts or securities may require the completion of a beneficiary designation form to specify who should inherit these assets upon your death.

Remember, it's important to regularly review and update your beneficiary designations to ensure they reflect your current wishes. Life events such as marriages, divorces, births, or deaths may affect the individuals you want to include as beneficiaries. Therefore, revisit your beneficiary designation forms periodically or after major life changes to ensure they are accurate and up-to-date.

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What is beneficiary designation form?

Beneficiary designation form is a legal document that allows an individual to specify who will receive their assets, such as life insurance policies or retirement accounts, upon their death.

Who is required to file beneficiary designation form?

Anyone who has assets that require a beneficiary designation, such as life insurance policies or retirement accounts, is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you will need to provide your personal information, the details of the beneficiaries, and the percentage of the assets they will receive. Be sure to review and update this form regularly to ensure it reflects your current wishes.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that your assets are distributed according to your wishes upon your death. By specifying your beneficiaries on this form, you can avoid potential conflicts and ensure a smooth transfer of assets.

What information must be reported on beneficiary designation form?

The beneficiary designation form typically requires information such as your full name, date of birth, social security number, contact information, and the details of the beneficiaries including their full names, relationships to you, and the percentage of the assets they will receive.