Get the free Beneficiary Designation Form - Deferred Compensation

The Kentucky Public Employees Deferred Compensation Authority 101 Sea Hero Road, Suite 110 Frankfort, KY 40601 502.573.7925 or Toll Free 800.542.2667 Fax 502.573.4494 www.kentuckydcp.com BENEFICIARY

How to fill out beneficiary designation form

How to fill out a beneficiary designation form:

1. First, obtain the beneficiary designation form from the relevant institution. This form is typically provided by insurance companies, retirement plans, and financial institutions.
2. Fill in your personal information accurately. This includes your full name, address, date of birth, and social security number. Make sure to provide all necessary details to avoid any confusion or delays in the future.
3. Identify the type of account or policy for which the beneficiary designation is being made. Common examples include life insurance policies, retirement accounts (such as IRAs or 401(k)s), and bank accounts.
4. Specify the primary beneficiary. This is the person who will receive the assets or benefits upon your death. Provide their full name, relationship to you, date of birth, and contact information.
5. If desired, designate a secondary or contingent beneficiary. This is the person who will receive the assets or benefits if the primary beneficiary predeceases you or is unable to accept them for any reason. Again, provide their full name, relationship to you, date of birth, and contact information.
6. Indicate the percentage of assets or benefits that each beneficiary should receive. You may choose to divide the assets evenly among multiple beneficiaries, or allocate specific percentages based on your preferences. Ensure that the total amounts to 100%.
7. Sign and date the beneficiary designation form. Some forms may require a witness or notary public to verify your signature. Follow the instructions provided by the institution.
8. Keep a copy of the completed form for your records. It is recommended to inform your beneficiaries about the contents of the form and share a copy with them. Regularly review and update the beneficiary designation form as needed to reflect any changes in your circumstances.

Who needs a beneficiary designation form?

1. Individuals who have life insurance policies should fill out beneficiary designation forms. This ensures that the designated beneficiaries receive the policy benefits in the event of the policyholder's death.
2. Retirement account holders, such as those with IRAs or 401(k)s, need to complete beneficiary designation forms. These forms determine who will inherit the remaining account balance upon the account holder's death.
3. Bank account holders, specifically those with payable-on-death (POD) or in-trust-for (ITF) accounts, should have beneficiary designation forms in place. This allows the account assets to pass directly to the named beneficiaries without going through probate.

Note: It is important to regularly review and update beneficiary designation forms to ensure they align with your current wishes and circumstances.

For pdfFiller’s FAQs

What is beneficiary designation form?

Beneficiary designation form is a legal document used to specify who will receive certain assets or benefits upon the account holder's death.

Who is required to file beneficiary designation form?

Anyone who has assets or benefits that will be passed on to a beneficiary upon their death is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

Beneficiary designation forms can typically be filled out online or in person with the institution holding the assets. The form will require you to provide the name, relationship, and contact information of the beneficiary.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that assets or benefits are passed on to the intended recipient upon the account holder's death, without the need for probate.

What information must be reported on beneficiary designation form?

The beneficiary designation form typically requires the account holder to specify the name, relationship, and contact information of the beneficiary.

How do I make changes in beneficiary designation form?

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