Get the free Contributory Designation/Change of Beneficiary (Form BEN-1)

Form BEN-1 (Revised 07/18/2012) STATE OF DELAWARE Telephone: 302-739-4208 Toll Free Number Outside of DE 1-800-722-7300 CONTRIBUTORY DESIGNATION/CHANGE OF Fax: 302-739-6129 E-Mail: pension office

How to fill out contributory designationchange of beneficiary

How to fill out contributory designation change of beneficiary:

1. Start by obtaining the necessary form. Contact your insurance or financial provider and request the contributory designation change of beneficiary form. They should have the form readily available, either in physical or digital format.
2. Carefully read the instructions. Before filling out the form, make sure to review the instructions provided. This will ensure that you understand the requirements, proper procedures, and any specific details related to the designation change.
3. Provide your personal information. The form will typically require your full name, address, phone number, and other identifying details. Fill in this information accurately and legibly.
4. Identify the current policy or account. Indicate the policy or account number associated with the contribution you wish to designate a new beneficiary for. This ensures that the provider can accurately update the correct policy.
5. Select the new beneficiary. Clearly identify the full name, relationship, and contact details of the individual(s) you want to designate as the new beneficiary. Double-check the accuracy of this information to avoid any potential confusion or disputes in the future.
6. Consider contingent beneficiaries. Depending on the type of contributory designation change of beneficiary form, you may have the option to name secondary or contingent beneficiaries. These individuals would receive the benefits if the primary beneficiary predeceases you or becomes ineligible for any reason.
7. Include witness signatures. Some contributory designation change of beneficiary forms may require the signatures of witnesses. Follow the instructions to ensure proper execution, such as obtaining the necessary number of witnesses and their accurate identification.
8. Review and submit the form. Before submitting the form, carefully review all the information provided. Ensure that there are no errors or missing details. Once satisfied, sign and date the form along with any required witness signatures. Submit the completed form to your insurance or financial provider via the designated method, such as mailing it or submitting it online.

Who needs contributory designation change of beneficiary:

1. Individuals who have contributory accounts or policies, such as life insurance, retirement plans, or investment accounts, should consider designating beneficiaries. This allows them to have control over who will receive the benefits or funds upon their death.
2. Those who experience a life event, such as marriage, divorce, birth, or the death of a beneficiary, may need to update their contributory designation to reflect their current wishes.
3. People who want to ensure that their assets go to specific individuals or organizations in the event of their death should consider completing a contributory designation change of beneficiary form. This helps prevent potential confusion, disputes, or unintended consequences in the distribution of their assets.

Please note that the provided information is a general guide and it is essential to consult with a financial or legal professional for specific advice tailored to your situation.

For pdfFiller’s FAQs

What is contributory designationchange of beneficiary?

Contributory designation change of beneficiary is a form that allows the holder of a contribution or insurance policy to name a new beneficiary or change the existing beneficiary.

Who is required to file contributory designationchange of beneficiary?

The policyholder or contributor is required to file the contributory designation change of beneficiary form.

How to fill out contributory designationchange of beneficiary?

The form must be filled out with the policyholder's personal information, the details of the current beneficiary, and the updated beneficiary information.

What is the purpose of contributory designationchange of beneficiary?

The purpose of the form is to ensure that the policyholder's wishes regarding the distribution of benefits are followed in the event of their death.

What information must be reported on contributory designationchange of beneficiary?

The form must include the policyholder's name, policy number, current beneficiary details, and the updated beneficiary information.

How can I get contributory designationchange of beneficiary?

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