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Reset State of Nevada Public Employees Benefits Program (PEP) Beneficiary Designation and Change Form Standard Insurance Company National Accounts 888.288.1270 Tel Instructions Please type or print

How to fill out beneficiary designation and change

How to Fill Out Beneficiary Designation and Change:

1. Begin by obtaining the necessary form: In order to fill out a beneficiary designation and change form, you will first need to obtain the appropriate form from the entity or organization that manages your specific account or policy. This may be a bank, insurance company, retirement plan administrator, or other financial institution.
2. Provide your personal information: The form will typically require you to provide your personal information, such as your full name, address, social security number, and contact details. Make sure to double-check the accuracy of the information you provide to avoid any potential issues.
3. Choose your beneficiaries: Next, you will need to identify and designate the individuals or entities who will be your beneficiaries. This may include your spouse, children, other family members, or even charitable organizations. Some forms also allow you to allocate percentages or specific amounts to each beneficiary.
4. Specify the nature of the designation: If you have multiple beneficiaries, you may need to clarify the nature of the designation. For example, you might opt for a "per capita" designation, where each beneficiary receives an equal share, or a "per stirpes" designation, where the share of a deceased beneficiary is passed down to their descendants.
5. Nominate contingent beneficiaries: It is generally advisable to nominate contingent beneficiaries who will receive the assets or benefits in case your primary beneficiaries predecease you. This will ensure that your wishes are followed even in unexpected circumstances.
6. Sign and date the form: Once you have completed all the required sections of the beneficiary designation and change form, carefully read through the provided information again to ensure its accuracy. After verifying everything, sign and date the form in the designated areas.

Who Needs Beneficiary Designation and Change?

1. Life insurance policyholders: Individuals who have life insurance policies often need to fill out beneficiary designation forms to specify who will receive the death benefit upon their passing. This is crucial to ensure that the promised financial protection goes to the intended recipients.
2. Retirement plan participants: Those who have retirement accounts, such as 401(k)s or IRAs, must designate beneficiaries to determine who will inherit the funds in these accounts after their death. Properly completing beneficiary designation forms is vital to ensure the smooth transfer of assets and to minimize potential disputes.
3. Bank account holders: Some financial institutions allow account holders to designate beneficiaries for their bank accounts. By completing the appropriate forms, individuals can specify who should inherit the funds in their accounts when they pass away.
4. Trust creators: Individuals who establish revocable or irrevocable trusts may need to designate beneficiaries and make changes to those designations over time. Trusts can provide various benefits, such as asset protection and estate tax planning, but proper beneficiary designations are crucial to ensure the fulfillment of the trust's purpose.
5. Investment account holders: Some investment firms or brokerage companies may require account holders to specify beneficiaries for their taxable or retirement investment accounts. This helps to streamline the distribution of assets and facilitates their transfer to the intended recipients.

Remember, the need for beneficiary designation and changes can vary depending on the specific circumstances and financial instruments involved. It is advisable to consult with a financial advisor or attorney to understand the requirements and ensure your wishes are accurately reflected in the beneficiary designations.

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What is beneficiary designation and change?

Beneficiary designation and change is the process of naming who will receive a certain asset or benefit in the event of the account holder's death.

Who is required to file beneficiary designation and change?

Any individual who has assets or benefits that are designated to pass to a beneficiary upon their death is required to file beneficiary designation and change.

How to fill out beneficiary designation and change?

To fill out beneficiary designation and change, the account holder must provide information about the beneficiary, such as their name, relationship to the account holder, and contact information.

What is the purpose of beneficiary designation and change?

The purpose of beneficiary designation and change is to ensure that the account holder's assets or benefits are distributed according to their wishes after their death.

What information must be reported on beneficiary designation and change?

Information such as the beneficiary's full name, date of birth, social security number, and relationship to the account holder must be reported on beneficiary designation and change form.