Get the free Designation of Beneficiary - Continuation (VRS-2A)

DESIGNATION OF BENEFICIARY CONTINUATION VIRGINIA RETIREMENT SYSTEM P.O. Box 2500 Richmond, Virginia 23218-2500 Toll Free 1-888-VARETIR (827-3847) www.varetire.org 1. Employer Code 2. Social Security

How to fill out designation of beneficiary

How to fill out designation of beneficiary:

1. Start by obtaining the necessary forms: Typically, your employer or insurance provider will provide you with the specific forms required to designate a beneficiary. If you're unsure, reach out to your HR department or insurance company for guidance.
2. Provide personal information: Fill out your personal details accurately, such as your full name, date of birth, social security number, and any other identifying information requested on the form.
3. Identify the policy or account: Indicate the policy or account for which you are designating a beneficiary. This could be a life insurance policy, retirement account, investment account, or any other financial asset that allows for a beneficiary designation.
4. Specify primary beneficiaries: Clearly state the full name(s) of the primary beneficiaries. These are the individuals or entities who will receive the proceeds or benefits upon your passing. Include their relationship to you, such as spouse, child, sibling, or specific organization.
5. Allocate the percentage of benefits: If you have multiple primary beneficiaries, specify how much of the benefits or proceeds each should receive. Make sure the total percentages add up to 100%. For example, you may allocate 50% to your spouse and 50% to your child.
6. Choose contingent beneficiaries: Contingent beneficiaries are individuals or entities who will receive the benefits if the primary beneficiaries predecease you or are unable to claim the benefits themselves. Provide their full names and relationship to you as well.
7. Review and sign the form: Double-check all the information you've provided, ensuring accuracy and clarity. Then, sign the designation of beneficiary form, indicating your consent and understanding of the document.

Who needs designation of beneficiary?

1. Employees with employer-provided benefits: If you have a life insurance policy or retirement account through your employer, you will likely need to designate a beneficiary. This ensures that the benefits or proceeds are distributed according to your wishes.
2. Individuals with personal insurance policies: Whether you have a life insurance policy, health insurance, or any other personal insurance plan, designating a beneficiary is crucial. It allows for a smooth transfer of benefits or funds after your passing.
3. Investors with investment accounts: Many investment accounts, such as individual retirement accounts (IRAs) or brokerage accounts, offer the option to designate a beneficiary. This helps to avoid delays and complications in asset distribution.
4. People with trusts or estates: If you have established a trust or an estate plan, designating beneficiaries is an essential step. It ensures your assets are distributed according to your wishes and can help minimize potential disputes among beneficiaries.

Remember, the specific needs for a designation of beneficiary may vary depending on your location, circumstances, and the type of assets or benefits involved. It's always advisable to consult with a legal or financial professional to ensure you understand the process and its implications.

For pdfFiller’s FAQs

What is designation of beneficiary?

Designation of beneficiary is a form or document that allows an individual to specify who will receive certain benefits or assets upon their death.

Who is required to file designation of beneficiary?

Any individual who has assets or benefits that have designated beneficiaries, such as life insurance policies or retirement accounts, is required to file a designation of beneficiary.

How to fill out designation of beneficiary?

To fill out a designation of beneficiary, an individual must provide the names and contact information of the beneficiaries, as well as specify the percentage of benefits or assets each beneficiary will receive.

What is the purpose of designation of beneficiary?

The purpose of designation of beneficiary is to ensure that an individual's assets or benefits are distributed according to their wishes upon their death.

What information must be reported on designation of beneficiary?

The information that must be reported on a designation of beneficiary includes the names and contact information of the beneficiaries, as well as the percentage of benefits or assets each beneficiary will receive.

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