Get the free Beneficiary Designation Form - City of Seattle - seattle

31 Instructions For Choosing Your Beneficiary 30 Scranton Office Park Scranton, PA 18507-1789 Please print using blue or black ink. Keep a copy for your records and send the original form to the address

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Start by obtaining the form: Contact the relevant financial institution or insurance company to request a beneficiary designation form. They may also have the form available on their website, which can be downloaded and printed.
2. Provide personal information: Fill in your personal details such as your full name, address, social security number, and date of birth. This information is crucial for accurately identifying you as the account or policy owner.
3. Specify the account or policy: Indicate the specific account or policy for which you are designating a beneficiary. This could be a retirement account, life insurance policy, or any other investment or financial product where a beneficiary can be named.
4. Choose primary beneficiary: Name the primary beneficiary who will receive the proceeds after your passing. The primary beneficiary is the person, organization, or trust that you want to inherit the account or policy funds first.
5. Name contingent beneficiary: Consider naming a contingent or secondary beneficiary. This individual will receive the funds if the primary beneficiary is unable or unwilling to accept the proceeds. It's important to designate a contingent beneficiary to ensure that the funds do not end up with unintended recipients.
6. Specify beneficiary percentages: If you have multiple primary or contingent beneficiaries, indicate the percentage of the proceeds each beneficiary should receive. These percentages should add up to 100%.
7. Provide contact information: Include the contact details of your beneficiaries, such as their full names, addresses, phone numbers, and email addresses. This will help ensure a smooth process in contacting them when necessary.
8. Date and sign the form: Read the form thoroughly, ensuring you understand all the provisions and requirements. Date the form and provide your signature to authenticate it. Some forms may require a witness or notary public, so be sure to follow any additional instructions provided.

Who needs a beneficiary designation form:

1. Individuals with retirement accounts: If you have a 401(k), IRA, or other retirement account, completing a beneficiary designation form is essential. This ensures that your hard-earned savings go to the intended individuals or organizations upon your passing.
2. Life insurance policyholders: People who hold life insurance policies should also fill out a beneficiary designation form. This form ensures a smooth transfer of the policy proceeds to the designated beneficiaries.
3. Individuals with other financial accounts: Some financial accounts, such as payable-on-death (POD) bank accounts or transfer-on-death (TOD) brokerage accounts, require beneficiary designations. These forms are necessary to clarify who will inherit the funds in those accounts.

It's crucial to regularly review and update your beneficiary designation forms to reflect any changes in your circumstances, such as marriages, divorces, births, or deaths. This helps ensure that your assets are distributed according to your wishes, providing financial security for your loved ones.

For pdfFiller’s FAQs

What is beneficiary designation form?

A beneficiary designation form is a document used to specify who will receive certain assets or benefits upon the death of the account holder or policyholder.

Who is required to file beneficiary designation form?

Anyone who wishes to designate a beneficiary for their assets or benefits is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, you will need to provide your personal information, the beneficiary's information, and details of the assets or benefits being designated.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that assets or benefits are distributed according to the account holder or policyholder's wishes after their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the account holder or policyholder's name, the beneficiary's name, relationship to the account holder, and the percentage of assets or benefits they will receive.

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