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Print Reset Page 202 W. First Street, Suite 500 Los Angeles, CA 90012-4401 (800) 779-8328 TDD (888) 349-3996 Fax: (213) 473-7297 www.LACERS.org DESIGNATION OF BENEFICIARY FOR ACTIVE MEMBERS TIER 2

How to fill out designation of beneficiary for

How to Fill Out Designation of Beneficiary for:

1. Begin by gathering all necessary information, such as the full name, date of birth, and social security number of the person who will be designating a beneficiary.
2. Locate the appropriate form for your specific situation. This could be a form provided by your employer, a financial institution, or an insurance company.
3. carefully read the instructions on the form to ensure you understand the process and requirements for filling it out.
4. Provide the requested information about the person designating the beneficiary, such as their name, contact information, and any relevant account or policy numbers.
5. Fill out the beneficiary information section with the full name, relationship to the person designating, and contact information of the designated beneficiary.
6. Indicate the percentage or amount of the benefit that each beneficiary will receive, if applicable. Ensure that the total percentage or amount adds up to 100% or the full value of the benefit.
7. If there are multiple beneficiaries, consider designating both primary and contingent beneficiaries. Primary beneficiaries receive the benefit first, while contingent beneficiaries receive it if the primary beneficiary is unable to. Specify the order of priority for each beneficiary, if applicable.
8. Review the completed form for any errors or missing information before submitting it. It may be helpful to have someone else review it as well to ensure accuracy.
9. Sign and date the form, following any additional instructions for witnesses or notarization, if necessary.
10. Keep a copy of the completed form for your records and submit the original to the appropriate party according to the instructions provided on the form.

Who Needs Designation of Beneficiary for:

1. Individuals with life insurance policies may need to designate a beneficiary to ensure that their loved ones receive the intended benefits upon their passing. This is especially important for individuals with dependents or those who want to provide financial assistance to specific individuals or organizations.
2. Retirement account holders, such as those with 401(k)s or IRAs, often need to designate beneficiaries to determine who will receive their retirement savings upon their passing. This is crucial to ensure that their hard-earned savings are distributed according to their wishes.
3. Employees who are enrolled in employer-sponsored benefit plans, such as group life insurance or pension plans, are typically required to complete a designation of beneficiary form. This allows them to designate who will receive any employer-provided benefits in the event of their death.
4. Individuals with bank accounts or investment accounts may want to designate beneficiaries to streamline the transfer of funds and assets to their chosen recipients upon their passing. This can help avoid lengthy legal processes and ensure a smoother transition of their financial affairs.

In summary, anyone who wants to ensure that their assets, benefits, or insurance proceeds reach their desired recipients should consider filling out a designation of beneficiary form. It's important to review and update these designations periodically to reflect any changes in personal circumstances, such as marriage, divorce, or the birth of a child.

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What is designation of beneficiary for?

The designation of beneficiary form is used to specify who will receive certain benefits or assets in the event of the policyholder's death.

Who is required to file designation of beneficiary for?

Policyholders or account holders are typically required to file a designation of beneficiary form.

How to fill out designation of beneficiary for?

The form usually requires the name, relationship, and percentage of the benefit each beneficiary will receive.

What is the purpose of designation of beneficiary for?

The purpose is to ensure that assets or benefits are distributed according to the policyholder's wishes.

What information must be reported on designation of beneficiary for?

The form typically requires the names and relationships of beneficiaries, as well as the percentage of the benefit each will receive.