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BENEFICIARY DESIGNATION FORM ACTIVE WORKER Concordia Disability & Survivor Plan and Accident Insurance Plan Phone: Concordia Plan Services 8889277526 The Lutheran Church Missouri Synod 3149657580

How to fill out beneficiary designation form

How to Fill Out Beneficiary Designation Form:

1. Start by obtaining the beneficiary designation form from your financial institution or insurance company. It may be available online or you may have to request a physical copy.
2. Carefully read the instructions provided with the form to understand the requirements and specific details needed for proper completion.
3. Begin by providing your personal information such as your full name, address, date of birth, and contact details in the designated fields.
4. Next, indicate the type of account or policy for which you are naming a beneficiary. This could be a retirement account, life insurance policy, or any other applicable financial product.
5. Clearly identify the beneficiary by providing their full name, relationship to you, and their contact information. If you are naming multiple beneficiaries, ensure you specify the percentage or portion of the benefits each person will receive.
6. Consider naming contingent beneficiaries as well. These are individuals who will receive the benefits if the primary beneficiary predeceases you or is unable to claim the assets. Indicate their full names, relationships, and contact details.
7. Follow any additional instructions for designating beneficiaries based on specific circumstances or requirements. For example, if you are designating a trust as a beneficiary, provide the trust's legal name and address.
8. Review your entries for accuracy and completeness. Make sure all necessary fields are filled out and there are no errors or omissions.
9. Date and sign the beneficiary designation form, certifying that the information provided is true and accurate to the best of your knowledge.
10. Submit the form to your financial institution or insurance company as instructed, ensuring you keep a copy for your records.

Who Needs Beneficiary Designation Form:

1. Individuals who have financial accounts, such as retirement savings plans (e.g., 401(k), IRA), life insurance policies, or investment accounts, often need to fill out beneficiary designation forms.
2. Those who want to ensure that their assets are distributed according to their wishes after their passing should complete beneficiary designation forms.
3. Beneficiary designation forms are particularly important for individuals who want to pass their assets directly to specific individuals or organizations without restrictions imposed by probate laws.
4. People who have gone through life changes, such as marriage, divorce, or the birth/adoption of children, should consider updating their beneficiary designation forms to reflect their current preferences.
5. Individuals who want to avoid potential disputes or confusion among family members regarding the distribution of their assets should complete beneficiary designation forms, as they provide clear instructions.
6. It is crucial for those who want to name contingent beneficiaries, ensuring that their assets pass to alternative beneficiaries if the primary beneficiary cannot receive them.
7. People who have established trusts and want their trust to be the beneficiary of specific assets should complete beneficiary designation forms accordingly.
8. Anyone who wishes to exercise control over the distribution of their assets and financial accounts even after their death may find beneficiary designation forms to be a beneficial tool.

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What is beneficiary designation form?

A beneficiary designation form is a legal document that allows an individual to specify who will receive their assets and property upon their death.

Who is required to file beneficiary designation form?

Anyone who has assets or property that they want to designate to specific beneficiaries 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 name of the beneficiary, relationship to the beneficiary, and the percentage of assets that the beneficiary will receive.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that an individual's assets and property are distributed according to their wishes upon their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include personal information of the individual, the name of the beneficiary, relationship to the beneficiary, and the percentage of assets that the beneficiary will receive.