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Beneficiary Designation or Change Request1105 State Route 121 North, Suite B P.O. Box 870 n Murray, KY 42071 Office: 270.226.1000 n Fax: 270.226.1001 TF: 888.753.6972 n KingdomTrust.constructions:

How to fill out beneficiary designation or change

How to fill out beneficiary designation or change

1. To fill out a beneficiary designation or change form, follow these steps:
2. Obtain the beneficiary designation or change form from your financial institution, insurance company, or retirement plan administrator.
3. Read the instructions carefully and gather the necessary information, such as your account or policy number, beneficiary's full legal name, and their relationship to you.
4. Provide your personal details, such as your name, address, social security number, and contact information.
5. Clearly indicate the type of designation or change you want to make. For example, you may choose primary beneficiaries, contingent beneficiaries, or change existing beneficiaries.
6. Fill in the required fields for each beneficiary, providing their full legal name, relationship to you, date of birth, and social security number if applicable.
7. Review the form for accuracy and completeness before submitting it. Make sure all information is legible and spelled correctly.
8. Sign and date the form in the designated areas.
9. Follow any additional instructions provided by your financial institution, insurance company, or retirement plan administrator for submitting the form. This may include mailing, faxing, or submitting it in person.
10. Keep a copy of the completed form for your records.
11. If you need assistance or have questions, contact customer support or the designated point of contact for the organization handling your beneficiary designation or change.

Who needs beneficiary designation or change?

1. Anyone who has a financial account, life insurance policy, or retirement plan with designated beneficiaries may need to fill out a beneficiary designation or change form.
2. This includes individuals who want to specify who will receive the assets or benefits upon their death or make changes to their existing beneficiary designations.
3. Beneficiary designation or change forms are commonly required by banks, brokerage firms, insurance companies, pension plans, and other financial institutions to ensure proper distribution of assets or benefits according to the account holder's wishes.
4. It is important for individuals who have significant assets or multiple accounts to review and update their beneficiary designations periodically to ensure they align with their current intentions and circumstances.

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What is beneficiary designation or change?

Beneficiary designation or change refers to the process of naming or altering the individuals or entities that are eligible to receive benefits from a financial account, insurance policy, or retirement plan upon the account holder's death.

Who is required to file beneficiary designation or change?

Typically, account holders of insurance policies, retirement plans, and other financial accounts are required to file beneficiary designations or changes to ensure that their assets are distributed according to their wishes upon their passing.

How to fill out beneficiary designation or change?

To fill out a beneficiary designation or change, individuals need to obtain the required form from their financial institution or insurance provider, provide their personal information, identify the beneficiaries by name and relationship, and sign and date the document as required.

What is the purpose of beneficiary designation or change?

The purpose of beneficiary designation or change is to clearly specify who will receive the benefits of an account or policy after the owner's death, which helps avoid legal disputes and ensures prompt transfer of assets.

What information must be reported on beneficiary designation or change?

The information that must be reported includes the account holder's personal information, the names and contact details of the beneficiaries, their relationship to the account holder, and the percentage of benefits each beneficiary should receive if applicable.