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Change of Beneficiary / Assignment Form Instructions Dear Certificate Holder: You have downloaded one of the following Change of Beneficiary/Assignment forms, which is included in this document: Form

How to fill out change of beneficiary assignment

How to fill out change of beneficiary assignment:

1. Obtain the necessary form: Start by obtaining the change of beneficiary assignment form from the appropriate institution or organization. This form is typically provided by insurance companies, retirement plans, or financial institutions.
2. Provide personal information: Fill in your personal information, including your full name, address, date of birth, and social security number. Make sure to provide accurate and up-to-date information to avoid any potential issues with the assignment.
3. Identify the policy or account: Specify the policy or account for which you are making the change of beneficiary assignment. This may include insurance policies, retirement plans, investment accounts, or any other assets that involve designating beneficiaries.
4. Choose the new beneficiary: Clearly indicate the new beneficiary's full name, address, and relationship to you. It is essential to include accurate and specific details to avoid any confusion or disputes regarding the assignment.
5. Provide the percentage or share: State the percentage or share of the policy or account that will be passed on to the new beneficiary. This is particularly important if there are multiple beneficiaries involved. Ensure that the percentages add up to 100%.
6. Include witness information: Most change of beneficiary assignment forms require the signature of witnesses. Provide the names, addresses, and signatures of the witnesses as requested. The witnesses should be impartial parties who are not named as beneficiaries in the assignment.
7. Review and sign: Carefully review all the information provided on the form to ensure accuracy. Once you are satisfied, sign and date the form. Keep a copy for your records and submit the original form to the appropriate institution or organization that manages the policy or account.

Who needs change of beneficiary assignment?

1. Individuals who have experienced a significant life event: Life events such as marriage, divorce, birth of a child, or the death of a beneficiary may necessitate a change of beneficiary assignment. Updating the beneficiaries ensures that the intended individuals receive the benefits or assets as desired.
2. Individuals who want to designate new beneficiaries: A change of beneficiary assignment is relevant for anyone who wishes to change the beneficiaries designated on their policies or accounts. This may be due to changes in personal circumstances, a desire to redistribute assets, or to reflect changes in relationships.
3. Those who want to avoid potential disputes: By completing a change of beneficiary assignment, individuals can ensure that their assets are distributed according to their wishes and minimize the likelihood of disputes among family members or other potential beneficiaries. Updating beneficiary designations can provide peace of mind and clarity for future asset distribution.

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