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Fire and Police Employees Retirement System City of Baltimore STANDARD BENEFICIARY DESIGNATION FORM For Death Benefits On Account of Death Prior to Retirement Before completing this beneficiary designation

How to fill out standard beneficiary designation form

How to fill out a standard beneficiary designation form:

1. Start by obtaining a copy of the form from your employer, insurance company, retirement account provider, or other relevant entity. You may be able to find it on their website or request it directly.
2. Read the instructions provided on the form carefully. This will give you a clear understanding of the information required and any specific guidelines you need to follow.
3. Begin by providing your personal information, such as your full name, address, date of birth, and social security number. Make sure to double-check the accuracy of this information before proceeding.
4. Next, you will need to designate your primary beneficiary/beneficiaries. These are the individuals who will receive the benefits upon your death. Include their full names, relationship to you, and their contact details. Specify the percentage or amount of the benefits that each primary beneficiary should receive.
5. If you wish to designate contingent beneficiaries, who will receive the benefits if the primary beneficiaries are unable or unwilling to do so, provide their information in the designated section. Again, include their full names, relationship to you, and their contact details.
6. Consider adding any special instructions or conditions regarding the distribution of benefits to your beneficiaries. For example, you may want to specify that the benefits should be divided equally among your primary beneficiaries, or that contingent beneficiaries should only receive benefits if certain criteria are met.
7. Sign and date the form at the appropriate place. Some forms may require witnesses or a notary public, so be sure to follow the instructions regarding any additional signatures.

Who needs a standard beneficiary designation form?

1. Individuals with life insurance policies may need a beneficiary designation form to ensure their designated beneficiaries receive the death benefits.
2. Employees who have retirement accounts, such as a 401(k) or IRA, may need to complete a beneficiary designation form to indicate who should receive the account's assets upon their death.
3. Trusts or estate planning documents may require a beneficiary designation form to specify who should inherit certain assets or funds.
4. Individuals with other types of insurance policies, such as annuities or pensions, may also need to complete a beneficiary designation form.

Remember, it's crucial to review and update your beneficiary designation form regularly, especially after significant life events such as marriages, divorces, births, or deaths in the family.

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What is standard beneficiary designation form?

Standard beneficiary designation form is a document used to specify who will receive certain assets, such as life insurance proceeds or retirement account funds, upon the death of the account holder.

Who is required to file standard beneficiary designation form?

Individuals who have assets that require beneficiary designation, such as life insurance policies or retirement accounts, are required to file a standard beneficiary designation form.

How to fill out standard beneficiary designation form?

To fill out a standard beneficiary designation form, you will need to provide your personal information, the name and relationship of your chosen beneficiary, and the percentage of assets they will receive.

What is the purpose of standard beneficiary designation form?

The purpose of a standard beneficiary designation form is to ensure that your assets are distributed according to your wishes upon your death.

What information must be reported on standard beneficiary designation form?

The standard beneficiary designation form must include the account holder's name, beneficiary's name and relationship, percentage of assets each beneficiary will receive, and their contact information.