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Producer underwriting Guide trendsetter super series, trendsetter express & TRENDSETTER LB For producer use only. Not for distribution to the public. Blank Page Table of Contents Initial Underwriting

How to fill out non spouse beneficiary election

How to fill out non spouse beneficiary election:

1. Obtain the necessary forms: Start by obtaining the non spouse beneficiary election form from the financial institution or organization overseeing the account or policy. This form may also be available online on their official website.
2. Provide personal information: Begin by filling in your personal information on the form. This typically includes your full name, date of birth, social security number, and contact details.
3. Indicate the account or policy details: Specify the account or policy for which you are designating a non spouse beneficiary. This may require providing the account or policy number, the financial institution or organization's name, and any additional relevant information.
4. Identify the non spouse beneficiary: Clearly state the full legal name, date of birth, and relationship to you of the non spouse beneficiary you wish to designate. It is crucial to accurately provide this information to avoid any confusion or potential disputes.
5. Specify the beneficiary's share or allocation: Indicate the percentage or specific amount you want to allocate to the non spouse beneficiary. This should be a clear and unambiguous statement to ensure your intentions are accurately conveyed.
6. Witness and signature: Most forms for non spouse beneficiary election require your signature to make it legally binding. Additionally, some institutions may require the form to be witnessed or notarized. Make sure to follow the specific guidelines provided by the financial institution or organization.
7. Submit the form: After completing all the necessary information, review the form for any errors or omissions. Once you are confident that everything is correct, submit the form to the designated party as instructed. Retain a copy of the form for your records.

Who needs non spouse beneficiary election:

1. Individuals with retirement accounts: Non spouse beneficiary elections are commonly needed for retirement accounts such as 401(k)s, IRAs, or pension plans. This allows the account holder to designate someone other than their spouse to receive the account or policy's benefits upon their death.
2. Individuals with life insurance policies: Life insurance policies often require non spouse beneficiary elections, especially if the policyholder wants the death benefit to be paid to someone other than their spouse. This ensures that the chosen beneficiary receives the payout rather than the default beneficiary, which is usually the spouse.
3. Individuals with investment or brokerage accounts: Investment or brokerage accounts may also require non spouse beneficiary elections. By designating a non spouse beneficiary, the account holder can ensure that their assets are passed on to the intended recipient, regardless of their marital status.

Remember, it is important to consult with a financial advisor or attorney to fully understand the implications and potential tax consequences of designating a non spouse beneficiary.

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What is non spouse beneficiary election?

Non spouse beneficiary election allows a non-spouse beneficiary to choose how they would like to receive inherited retirement plan assets.

Who is required to file non spouse beneficiary election?

Non spouse beneficiaries who inherit retirement plan assets are required to file non spouse beneficiary election.

How to fill out non spouse beneficiary election?

The non spouse beneficiary must complete the necessary forms provided by the financial institution or plan administrator.

What is the purpose of non spouse beneficiary election?

The purpose of non spouse beneficiary election is to determine how inherited retirement plan assets will be distributed.

What information must be reported on non spouse beneficiary election?

Non spouse beneficiary election typically requires information such as the beneficiary's name, address, relationship to the deceased, and distribution options.