Get the free Beneficiary Designation Form - Michigan Technological University - mtu

BENEFICIARY DESIGNATION (For Payment of All Earned Compensation at Death of an Employee) INSTRUCTIONS: If a Beneficiary Designation form is not executed by an employee, payment of compensation at

How to fill out beneficiary designation form

How to fill out beneficiary designation form?

1. Start by obtaining the beneficiary designation form from the relevant financial institution or insurance company. This form is typically required for various accounts, such as retirement plans, life insurance policies, or investment accounts.
2. Begin by providing your personal information in the designated spaces on the form. This typically includes your full name, address, date of birth, and social security number.
3. Indicate the account or policy for which you are designating a beneficiary. This could be a specific retirement account, a particular life insurance policy, or a specific investment account.
4. Clearly identify the beneficiary you wish to designate. This includes their full name, relationship to you (such as spouse, child, or friend), and their contact information.
5. Specify the percentage or amount of the benefit you wish to assign to each beneficiary. Depending on the form, you may have the option to divide the benefits equally among multiple beneficiaries or allocate specific percentages to each.
6. If desired, name a secondary or contingent beneficiary. This individual would receive the benefits in case the primary beneficiary is unable to do so.
7. Sign and date the beneficiary designation form. Some forms may also require a witness or a notary public to validate your signature.
8. Make copies of the completed form for your records and submit the original to the appropriate financial institution or insurance company. It is recommended to send it via certified mail or submit it in person to ensure it reaches the intended recipient.

Who needs beneficiary designation form?

1. Individuals with retirement accounts: If you have a 401(k), IRA, or other retirement account, it is essential to complete a beneficiary designation form. This ensures that your intended beneficiaries will receive the funds in case of your passing.
2. Life insurance policyholders: When purchasing a life insurance policy, you will typically need to designate a beneficiary. This form ensures that the death benefit is paid out to the correct individual or individuals.
3. Owners of investment accounts: Many investment accounts, such as mutual funds or brokerage accounts, require a beneficiary designation form. This ensures a smooth transfer of assets to your chosen beneficiaries upon your passing.
4. Individuals with health savings accounts (HSAs) or flexible spending accounts (FSAs): Similar to retirement accounts, it is important to designate a beneficiary for these accounts to ensure the funds are distributed according to your wishes.
5. Owners of annuities: Annuities often require a beneficiary designation form to determine who should inherit the remaining funds upon the annuitant's death.

Remember, it is crucial to regularly review and update your beneficiary designation forms to reflect any life changes or the acquisition of new assets.

For pdfFiller’s FAQs

What is beneficiary designation form?

A beneficiary designation form is a legal document used to specify who will receive certain assets or benefits upon the death of the account holder or policyholder.

Who is required to file beneficiary designation form?

Anyone who has accounts or policies with designated beneficiaries should file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, the account or policy holder must provide the beneficiary's name, relationship, date of birth, and percentage share of the benefit.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that assets or benefits are distributed according to the account or policy holder's wishes.

What information must be reported on beneficiary designation form?

The beneficiary's name, relationship to the account holder, social security number, date of birth, and percentage share of the benefit must be reported on a beneficiary designation form.

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