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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 UNUSED CONTRIBUTIONS

How to fill out designation of beneficiary for

How to fill out designation of beneficiary for?

1. Start by obtaining the designation of beneficiary form from the relevant institution or organization. This form is typically required for various financial accounts such as life insurance policies, retirement plans, and investment accounts.
2. Begin by providing your personal information accurately, including your full name, date of birth, social security number, and contact details. Ensure that all the information provided is up to date and correct.
3. Specify the type of account or policy for which you are designating a beneficiary. This can include life insurance policies, retirement plans, bank accounts, and investment accounts. Provide the account or policy number if applicable.
4. Clearly identify the beneficiary you wish to designate. Include their full name, relationship to you, date of birth, and contact details.
5. Indicate the percentage or specific amount of the account or policy's proceeds that you want the beneficiary to receive upon your death. You can divide the proceeds among multiple beneficiaries if desired.
6. If you have more than one primary beneficiary, determine the order in which they will receive the proceeds. You can designate primary beneficiaries to receive the proceeds together or allocate specific percentages or amounts to each individual.
7. Consider including contingent or secondary beneficiaries. These are individuals who will receive the proceeds if the primary beneficiaries predecease you or are unable to be located. Provide their full names, relationships, and contact details.
8. Review the form thoroughly before submitting it. Make sure that all the information provided is accurate and complete. If necessary, consult with a legal or financial advisor for guidance.
9. Sign and date the form in the designated areas. Some forms may require a witness or notary public to be present during the signing process.
10. Keep a copy of the completed form for your records and submit the original to the relevant institution or organization.

Who needs designation of beneficiary for?

1. Individuals who have life insurance policies should consider designating a beneficiary. This ensures that the proceeds of the policy are distributed according to their wishes and provides financial security for their chosen beneficiary.
2. Employees who have retirement plans, such as 401(k)s or IRAs, should complete a designation of beneficiary form. This ensures that their retirement savings are distributed to their intended beneficiaries in the event of their death.
3. Individuals who have investment accounts, such as brokerage or mutual fund accounts, should consider designating a beneficiary. This ensures that the assets held within the account are transferred seamlessly to their chosen beneficiary.
4. People with bank accounts, especially those with significant balances, may want to designate a beneficiary to ensure that their funds are easily accessible to their chosen individual upon their passing.
5. It is also beneficial for individuals who have multiple beneficiaries or specific instructions on how their assets should be distributed to complete a designation of beneficiary form. This helps avoid potential disputes and ensures that their wishes are carried out as intended.

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What is designation of beneficiary for?

The designation of beneficiary is for specifying who will receive certain assets or benefits in the event of the filer's death.

Who is required to file designation of beneficiary for?

Any individual, organization, or entity with assets or benefits that may need to be designated to specific recipients upon their death.

How to fill out designation of beneficiary for?

Designation of beneficiaries can typically be filled out on forms provided by financial institutions, insurance companies, or retirement plans.

What is the purpose of designation of beneficiary for?

The purpose of the designation of beneficiary is to ensure that assets or benefits are distributed to the intended recipients in the event of the filer's death.

What information must be reported on designation of beneficiary for?

Information such as the full name, date of birth, relationship to the filer, and contact information of the designated beneficiary.