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Beneficiary Designation Form MEMBER S CURRENT INFORMATION Social Insurance Number Last Name First Name Address (Apt×, House×, Street Name, PO Box×, Rural Rd#) Country Phone Number (Initial Province

How to fill out beneficiary designation form

How to Fill Out Beneficiary Designation Form:

1. Obtain the form: Contact the relevant financial institution or insurance company to request a beneficiary designation form.
2. Provide personal information: Fill in your full legal name, date of birth, social security number, and contact information.
3. Specify the policy or account details: Indicate the specific insurance policy or financial account for which you want to designate a beneficiary.
4. Identify the primary beneficiary: Clearly state the full name, relationship to you, and their contact information.
5. Choose contingent beneficiaries: If desired, list any secondary beneficiaries who would receive the benefits if the primary beneficiary is unable to.
6. Specify percentages or shares: If you wish to allocate the benefits among multiple beneficiaries, clearly state the percentage or share that each beneficiary should receive.
7. Update regularly: Review and update your beneficiary designation form periodically or after major life events, such as marriage, divorce, or the birth of a child.

Who Needs a Beneficiary Designation Form:

1. Life Insurance Policyholders: Individuals who have a life insurance policy can use a beneficiary designation form to determine who will receive the death benefit.
2. Retirement Account Holders: People with retirement accounts, such as IRAs or 401(k)s, often need to complete a beneficiary designation form to designate who will inherit the account in case of their death.
3. Investment Account Holders: Individuals who have brokerage or investment accounts may use a beneficiary designation form to specify who will receive the assets upon their passing.
4. Pension Plan Participants: Participants in pension plans may need to complete a beneficiary designation form to indicate who will receive their pension benefits after they are no longer alive.
5. Trust Creators: Individuals who create a trust as part of their estate plan typically need to complete a beneficiary designation form to name the trust as the beneficiary of certain assets.

Remember, it is essential to consult with a legal or financial professional to ensure proper completion of beneficiary designation forms and to align them with your overall estate plan.

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