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P347 11 2013 P347 11 2013 01/11/2013 12:24-Page 1 Nomination of beneficiary form Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Any corrections must be initialed. Please

How to fill out nomination of beneficiary form

How to fill out nomination of beneficiary form:

1. Start by obtaining the nomination of beneficiary form from your insurance provider or employer. You may also find this form online on their website or request a copy directly.
2. Begin by filling out your personal information, such as your full name, date of birth, social security number, and contact details. Make sure to provide accurate and up-to-date information.
3. Identify the type of policy or account for which you are making the beneficiary nomination. Specify whether it is a life insurance policy, retirement account, investment account, or any other financial product.
4. List the primary beneficiary/beneficiaries. These are the individuals or entities who will receive the proceeds of the policy or account upon your passing. Include their full names, relationship to you, and their contact information.
5. Consider naming contingent beneficiaries. These are the secondary beneficiaries who will receive the proceeds if the primary beneficiary is deceased or unable to receive the funds. Provide their information in the appropriate section, including their full names and contact details.
6. Indicate the percentage or share of the proceeds each beneficiary should receive. This step is crucial if you have multiple beneficiaries, as it determines how the funds will be divided among them. Ensure the total percentage adds up to 100%.
7. Sign and date the nomination of beneficiary form. Some forms may require witnesses or a notary public to validate your signature. Follow the instructions provided by your insurance provider or employer.
8. Keep a copy of the completed form for your records. Additionally, inform your chosen beneficiaries about your nomination and where they can find a copy of the form. This will help them navigate the process more easily in the future.

Who needs a nomination of beneficiary form:

1. Individuals with life insurance policies: If you have a life insurance policy, it is vital to fill out a nomination of beneficiary form to determine who receives the death benefit upon your passing. This form ensures that your loved ones or designated entities receive the financial support you intended.
2. Retirement account holders: Many retirement accounts, such as 401(k)s or IRAs, require you to designate a beneficiary. By completing a nomination of beneficiary form, you can specify who will inherit your retirement savings in case of your death.
3. Investment account holders: Some investment accounts, like brokerage or mutual fund accounts, may allow you to designate a beneficiary. This form ensures a smooth transfer of assets to the intended recipient upon your passing.
4. Individuals with other financial products: Depending on the type of financial product you possess, such as annuities, health savings accounts, or college savings plans, you may need to fill out a nomination of beneficiary form to direct the allocation of funds after your death.

In summary, anyone who holds a life insurance policy, retirement account, investment account, or any other financial product that allows a beneficiary designation should consider completing a nomination of beneficiary form to ensure their wishes are fulfilled and their loved ones are provided for.

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What is nomination of beneficiary form?

Nomination of beneficiary form is a legal document that allows an individual to specify who will receive their assets or benefits in the event of their death.

Who is required to file nomination of beneficiary form?

Any individual who wishes to designate a beneficiary to receive their assets or benefits after their death is required to file a nomination of beneficiary form.

How to fill out nomination of beneficiary form?

To fill out a nomination of beneficiary form, one must provide their personal information, details of the nominated beneficiary, and sign and date the form in front of witnesses as per legal requirements.

What is the purpose of nomination of beneficiary form?

The purpose of nomination of beneficiary form is to ensure that the assets or benefits of an individual are passed on to their chosen beneficiary after their death, as per their wishes.

What information must be reported on nomination of beneficiary form?

The nomination of beneficiary form must include details of the individual filing the form, details of the nominated beneficiary, and any specific instructions regarding the distribution of assets or benefits.