Get the free Beneficiary Designation Form - RBC Direct Investing

FORM 00546 (10/2016) Beneficiary Designation Form to make or change a beneficiary designation Standard Beneficiary Designation with Contingent Options Note to Annuitants Domiciled in Quebec: Beneficiary

How to fill out beneficiary designation form

How to fill out beneficiary designation form

1. Read the instructions: Start by carefully reading the instructions provided with the beneficiary designation form. Understanding the requirements and guidelines mentioned in the instructions is crucial before proceeding.
2. Provide accurate information: Fill out the form using accurate and up-to-date information. Double-check all the details entered to avoid any errors or discrepancies.
3. Personal details: Begin by filling out your personal details such as your full name, address, contact number, and social security number, if required.
4. Beneficiary's information: Mention the full name, relationship, and contact details of the individual(s) you wish to designate as your beneficiary. Include any relevant information, such as their date of birth or social security number.
5. Percentage allocation: Indicate the percentage or share you want to allocate to each beneficiary. Make sure the total percentage assigned equals 100%.
6. Contingent beneficiaries: If desired, provide the details of contingent beneficiaries who will receive the benefits if the primary beneficiary predeceases you.
7. Witness signature: Some beneficiary designation forms require a witness to sign. Ensure that the witness is present during the form completion and signs it accordingly.
8. Review and submit: Before submitting the form, carefully review all the information entered. Make any necessary corrections or additions, if needed. Finally, sign and date the form as required.
9. Submit the form: Follow the specific instructions provided on the form to submit it. This may involve sending it to the designated department or individual via mail, email, or fax. Keep a copy for your records.

Who needs beneficiary designation form?

1. Individuals with life insurance policies: Beneficiary designation forms are commonly needed by individuals who have life insurance policies. These forms allow policyholders to designate who will receive the benefits upon their death.
2. Retirement plan participants: People who participate in retirement plans, such as 401(k) or IRAs, often require beneficiary designation forms. These forms determine who will inherit the funds in their retirement accounts in the event of their death.
3. Employee benefit recipients: Employees who have benefits like pensions, stock options, or death benefits from their employers may need to fill out beneficiary designation forms. This ensures that their chosen beneficiaries receive the benefits upon their passing.
4. Financial account holders: Individuals who hold various financial accounts like bank accounts, investment accounts, or brokerage accounts may be required to complete beneficiary designation forms. These forms specify who will inherit these accounts after the account holder's death.
5. Estate planning individuals: People engaged in estate planning may also require beneficiary designation forms to allocate their assets and properties to specific individuals or organizations upon their demise.

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What is beneficiary designation form?

The beneficiary designation form is a legal document that allows you to specify who will receive your assets upon your death.

Who is required to file beneficiary designation form?

Anyone who has assets that they want to designate a beneficiary for is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

You can fill out a beneficiary designation form by providing your personal information, the beneficiary's information, and details of the assets you wish to designate.

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 after your death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include details such as your name, contact information, the beneficiary's name, relationship to you, and the assets being designated.