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Reset Standard Insurance Company State of Nevada Public Employees Benefits Program (PEP) Beneficiary Designation and Change Form National Accounts 888.288.1270 Tel Instructions Please type or print

How to fill out beneficiary designation and change

How to fill out beneficiary designation and change:

1. Obtain the necessary forms: Begin by obtaining the beneficiary designation form from the relevant institution, such as your employer or financial institution. This form may also be available online.
2. Provide accurate personal information: Start by providing your full legal name, address, and contact information. This ensures that the beneficiary designation is correctly linked to your account or policy.
3. Specify beneficiaries: Indicate the full names, social security numbers (if applicable), and the percentage or specific amount that you wish to allocate to each beneficiary. Ensure that the percentages or amounts assigned total to 100%.
4. Choose primary and contingent beneficiaries: Primary beneficiaries are the individuals who will receive the assets or benefits upon your passing. Contingent beneficiaries will only receive them if the primary beneficiaries are no longer alive or choose to decline their share.
5. Determine the relationship: Clearly state the relationship between yourself and each beneficiary, such as spouse, child, sibling, or friend. Some institutions may require specific information about beneficiaries, such as their date of birth or relationship to you.
6. Review and sign the form: Before submitting the beneficiary designation form, carefully review all the information provided to ensure accuracy. Sign and date the form as required.

Who needs beneficiary designation and change:

1. Employees with retirement plans: Individuals enrolled in a company's retirement plan, such as a 401(k) or pension plan, will typically need to complete a beneficiary designation form. This ensures that their chosen beneficiaries receive the retirement savings in the event of their death.
2. Policyholders with life insurance: Those who have life insurance policies should consider designating beneficiaries to receive the policy's death benefit. Updating the beneficiary designation may be necessary due to changes in family circumstances, such as marriage, divorce, or the birth of a child.
3. Account holders with investment or bank accounts: Individuals with investment accounts, such as IRAs, mutual funds, or brokerage accounts, may have the option to assign beneficiaries. This allows the account assets to pass directly to the designated beneficiaries upon the account holder's passing.
4. Individuals with estate planning considerations: Beneficiary designation is often an integral part of estate planning. It allows individuals to specify how assets are distributed outside of a will or trust. This can be particularly useful for assets that have designated beneficiaries, as they can pass directly to those individuals, typically avoiding probate.
5. Individuals experiencing life changes: Life events such as marriage, divorce, the birth of a child, or the death of a beneficiary may necessitate changes to the existing beneficiary designation. It is essential to review and update these designations regularly to ensure they align with your current wishes.

Remember, it is crucial to consult with a professional financial advisor or attorney when considering beneficiary designations and changes, as they can offer personalized guidance based on your specific circumstances and goals.

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What is beneficiary designation and change?

Beneficiary designation and change is the process of specifying who will receive the benefits of a financial account or insurance policy upon the account holder's death, and updating that information when necessary.

Who is required to file beneficiary designation and change?

Any individual who has a financial account or insurance policy where a beneficiary is named is required to file beneficiary designation and change.

How to fill out beneficiary designation and change?

To fill out beneficiary designation and change, the account holder must usually complete a form provided by the financial institution or insurance company, and submit it with the updated beneficiary information.

What is the purpose of beneficiary designation and change?

The purpose of beneficiary designation and change is to ensure that the account holder's assets are distributed according to their wishes upon their death, and to update that information as needed.

What information must be reported on beneficiary designation and change?

The beneficiary's full name, relationship to the account holder, date of birth, and contact information are typically required to be reported on beneficiary designation and change forms.