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OPTIONAL BENEFICIARY DESIGNATION Nationwide Retirement Plans 1-800-548-6436 Fax: 1-877-NF401ks (1-877-634-0157) Nationwide Retirement Plans, Private Sector 3400 South Park Plaza, Suite A — DSPF-F6

How to fill out optional beneficiary designation

How to fill out optional beneficiary designation:

1. Obtain the beneficiary designation form: The first step is to request the beneficiary designation form from the relevant institution or organization. This form can often be found online or by contacting the company directly.
2. Provide personal information: The form will typically require you to enter your personal information, such as your full name, date of birth, and contact details. Ensure that you provide accurate and up-to-date information to avoid any issues down the line.
3. Identify the account or policy: Specify the account or policy for which you are designating a beneficiary. This may include a bank account, retirement plan, life insurance policy, or other financial assets.
4. Choose primary and contingent beneficiaries: Designate the individuals who will receive the benefits upon your death. The primary beneficiary is the first in line to receive the funds, while the contingent beneficiary would receive the benefits if the primary beneficiary is unable to or predeceases you.
5. Specify the percentage or amount: Indicate the percentage or specific amount that each beneficiary will receive. This step is particularly important if you have more than one beneficiary. Be sure to review the instructions carefully to understand how to properly allocate the benefits.
6. Provide beneficiary information: Fill in the required details for each beneficiary, including their full name, relationship to you, Social Security number, and contact information. Double-check the accuracy of this information to avoid any potential complications.
7. Consider special circumstances: If you have any special instructions or considerations regarding the distribution of benefits, such as setting up a trust for a minor beneficiary, outline these details on the form. It may be helpful to consult with a legal or financial professional for guidance in these situations.
8. Sign and date the form: Once you have completed all the necessary sections of the form, carefully review the information provided. Sign and date the document to indicate your agreement with its contents.
9. Submit the form: Follow the instructions provided by the institution or organization to properly submit the beneficiary designation form. This may include mailing it to a specific address, submitting it online, or hand-delivering it to a designated office.

Who needs optional beneficiary designation:

1. Individuals with financial assets: Anyone who possesses financial assets, such as bank accounts, investment portfolios, retirement plans, or life insurance policies, may need to consider designating beneficiaries. This ensures that their assets are properly distributed according to their wishes upon their passing.
2. People in committed relationships: If you are in a committed relationship or marriage, designating a beneficiary can be crucial to ensure that your significant other is taken care of financially in the event of your death.
3. Parents or guardians: Parents or legal guardians may want to designate beneficiaries for their children's accounts, such as education savings plans or life insurance policies, to ensure their children's financial well-being.
4. Business owners: Business owners may need to consider designating beneficiaries for business-related assets, such as company shares or stock options, to ensure a smooth transition of ownership in the event of their death.
5. Individuals with specific wishes: If you have specific wishes regarding the distribution of your assets after your passing, it is important to designate beneficiaries to ensure that your intentions are carried out.

Remember, it is essential to consult with a professional (such as an attorney or financial advisor) when filling out a beneficiary designation form to ensure that it aligns with your overall estate planning and financial goals.

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What is optional beneficiary designation?

Optional beneficiary designation is a form that allows the account holder to designate beneficiaries who will receive the assets in the account upon the account holder's death.

Who is required to file optional beneficiary designation?

Anyone who holds an account that allows for beneficiary designation can file an optional beneficiary designation form.

How to fill out optional beneficiary designation?

To fill out an optional beneficiary designation form, the account holder needs to provide the names and contact information of the beneficiaries, as well as specify the percentage of assets each beneficiary will receive.

What is the purpose of optional beneficiary designation?

The purpose of optional beneficiary designation is to ensure that upon the account holder's death, the assets in the account are distributed according to their wishes to the designated beneficiaries.

What information must be reported on optional beneficiary designation?

The optional beneficiary designation form usually requires the names, contact information, and percentage of assets to be designated for each beneficiary.