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LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY BENEFICIARY DESIGNATION 152901 PERS-220 WHAT YOU NEED TO DO Consider your choices carefully when completing this form. However, your beneficiary

How to fill out beneficiary designation form

How to fill out beneficiary designation form?

1. Start by obtaining the necessary form from your financial institution or insurance provider. You may be able to download it online or request a physical copy.
2. Read the instructions carefully to understand the specific requirements and guidelines for filling out the form.
3. Begin by providing your personal information, such as your full name, date of birth, and contact details. This will ensure that the form is properly linked to your account.
4. Identify the type of account or policy for which you are designating a beneficiary. This could be a retirement account, life insurance policy, or any other asset that allows beneficiary designation.
5. List the beneficiary's full name, relationship to you, and their contact information. Make sure to enter the beneficiary's information accurately to avoid any confusion or complications.
6. Specify the percentage or portion of the asset that each beneficiary will receive. You may allocate different percentages among multiple beneficiaries or assign all to one individual.
7. Consider naming contingent beneficiaries. These are secondary beneficiaries who would receive the asset in case the primary beneficiary predeceases you or is unable to inherit.
8. Review the completed form for any errors or omissions before submitting it. Ensure that all information provided is accurate and up to date.
9. Sign and date the form as required. Some forms may require a witness or notary public for verification.
10. Submit the form to your financial institution or insurance provider. Follow their instructions to ensure proper delivery and acknowledgement of the beneficiary designation.

Who needs beneficiary designation form?

1. Individuals who possess retirement accounts, such as 401(k), IRA, or pension plans, should consider filling out beneficiary designation forms. These forms ensure that the account's assets are passed on to the designated individuals upon the account holder's death.
2. Life insurance policyholders are also required to complete beneficiary designation forms. This ensures that the life insurance proceeds are distributed to the designated beneficiaries after the policyholder's demise.
3. People with transfer-on-death (TOD) or payable-on-death (POD) accounts, such as bank accounts or investments, need to fill out beneficiary designation forms to specify who will inherit these assets upon their death.
4. Individuals with annuity contracts often need to designate beneficiaries as well. Annuities provide income payments or lump sums to beneficiaries after the annuitant passes away.
5. Trusts and wills may also require beneficiary designation forms to assign beneficiaries for specific assets or property.

Note: It is crucial to review and update beneficiary designation forms regularly, especially after significant life events such as marriage, divorce, birth of a child, or the passing of a loved one, to ensure that your intentions are accurately reflected.

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