Get the free Beneficiary Designation Form - Michigan Catholic Conference

7 About You (Please print using blue or black ink.) 367 Beneficiary Designation Form Plan number 0 0 8 1 4 Social Security number First name Sub plan number 7 — Michigan Catholic Conference 403(b)

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Start by obtaining a copy of the beneficiary designation form from the relevant institution or organization. This form is typically required for retirement accounts, life insurance policies, and other accounts where you can designate a beneficiary.
2. Begin by providing your personal information, including your full name, date of birth, and contact details. Make sure to double-check the accuracy of this information.
3. Identify the account or policy for which you are filling out the form. Include the account number or policy number, as well as the name of the institution or organization holding the account.
4. Designate your primary beneficiary. This is the person who will receive the benefits or assets in the event of your passing. Provide their full name, relationship to you, and their contact information.
5. If you wish to assign secondary beneficiaries or contingent beneficiaries, provide their information as well. These individuals would receive the benefits or assets only if the primary beneficiary is unable to do so.
6. Specify the percentage or portion of the benefits or assets that each beneficiary should receive. You can allocate different percentages to multiple beneficiaries if desired.
7. If you have any special instructions or conditions for the distribution of the benefits, such as age restrictions or specific provisions, indicate them clearly on the form.
8. Carefully review the completed form to ensure all the information is accurate and complete. Consider seeking professional advice or consulting an attorney if you have complex beneficiary designations or if you're unsure about any aspect of the form.

Who needs beneficiary designation form:

1. Individuals who have retirement accounts, such as 401(k) plans or IRAs, should consider filling out a beneficiary designation form. This ensures that their chosen beneficiaries receive the assets without the need for probate, making the transfer of wealth faster and smoother.
2. Anyone who holds a life insurance policy should fill out a beneficiary designation form to specify who will receive the death benefit upon their passing. This helps provide financial security to their loved ones.
3. Beneficiary designation forms are also necessary for individuals who have other types of financial accounts, such as annuities, pension plans, or brokerage accounts. These forms ensure that the assets are transferred to the designated beneficiaries according to the account holder's wishes.

Remember, it's essential to regularly review and update your beneficiary designation forms to reflect any changes in your personal circumstances, such as births, deaths, marriages, or divorces.

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