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Likewise, Assurance Company P.O. Box 2272, Seattle, WA 98111-2272 (425) 918-4575 BENEFICIARY DESIGNATION OR CHANGE AUTHORIZATION INSTRUCTIONS FOR EMPLOYER: 1) 2) 3) 4) Please verify that all spaces
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What is beneficiary designation or change?
Beneficiary designation or change is a process where an individual names or updates the person or entity who will receive their assets or benefits upon their death.
Who is required to file beneficiary designation or change?
Individuals who have assets or benefits with designated beneficiaries, such as retirement accounts or life insurance policies, are required to file beneficiary designation or change forms.
How to fill out beneficiary designation or change?
To fill out beneficiary designation or change forms, individuals need to provide their personal details, the details of the designated beneficiaries, and specify the percentage or allocation of assets or benefits each beneficiary will receive.
What is the purpose of beneficiary designation or change?
The purpose of beneficiary designation or change is to ensure that the assets or benefits of an individual are distributed according to their wishes upon their death, without going through the probate process.
What information must be reported on beneficiary designation or change?
The information that must be reported on beneficiary designation or change forms includes the individual's name and contact information, the beneficiaries' names and contact information, and the percentage or allocation of assets or benefits each beneficiary will receive.
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