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The Housing Agency Retirement Trust 457 Deferred Compensation Plan Beneficiary Designation Form Social Security #: Employee Name: Last, First, Middle Participant s Marital Status: ? Single ? Married

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. Start by obtaining the beneficiary designation form from your insurance company, retirement plan provider, or other relevant financial institution. You may be able to download the form from their website or request a physical copy.
2. Carefully read and understand the instructions provided with the form. It is essential to comprehend the terminology and requirements before proceeding.
3. Begin by providing your personal information, such as your full name, address, and contact details. Make sure to write legibly and accurately to avoid any potential issues in the future.
4. Identify the type of account or policy for which you are designating a beneficiary. This could be a life insurance policy, retirement account, annuity, or any other financial instrument that allows for beneficiary designation.
5. Clearly list the full name of the primary beneficiary or beneficiaries. You may need to provide additional information, such as their social security number or relationship to you, depending on the form's requirements.
6. If you wish to designate contingent beneficiaries, state their full names and the percentage or distribution of the proceeds they will receive in case the primary beneficiary is unable or unwilling to receive them.
7. If you want to specify how the proceeds should be divided among multiple beneficiaries, clearly indicate the percentage or specific amounts for each individual.
8. Review and double-check all the information you provided on the form for accuracy. Mistakes or incomplete information may lead to delays or complications in the future.
9. If required, date and sign the beneficiary designation form in the presence of a witness or a notary public. Some forms may have specific witnessing requirements, so ensure you follow them diligently.
10. Make copies of the completed and signed form for your records. Submit the original form to the appropriate financial institution according to their instructions.

Who needs a beneficiary designation form:

1. Individuals who hold life insurance policies and want to ensure that the policy proceeds are distributed according to their wishes after their passing.
2. Retirement plan account holders who wish to designate beneficiaries to receive their retirement account funds in the event of their death.
3. Individuals who have annuities and want to name beneficiaries who will continue to receive payments from the annuity after their death.
4. Anyone with financial accounts that offer beneficiary designation options, such as pay-on-death bank accounts or transfer-on-death brokerage accounts.
5. People who want to avoid probate and ensure a smooth transfer of assets to their intended beneficiaries by utilizing beneficiary designation forms.

Note: The necessity of a beneficiary designation form may vary depending on your jurisdiction and the specific financial instruments you hold. It is always advisable to consult with an estate planning attorney or a financial advisor for personalized guidance.

For pdfFiller’s FAQs

What is beneficiary designation form?

A beneficiary designation form is a legal document that allows an individual to specify who will receive their assets or benefits upon their death.

Who is required to file beneficiary designation form?

Any individual who has assets or benefits that they wish to designate to a specific beneficiary upon their death is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, the individual must provide their personal information, the beneficiary's information, and details of the assets or benefits being designated.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that an individual's assets or benefits are distributed according to their wishes upon their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the individual's personal information, the beneficiary's information, and details of the assets or benefits being designated.

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