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CalPERS Supplemental Income 457 PlanBENEFICIARY DESIGNATION FORM 1. INSTRUCTIONS In the event of your death, your 457 account will be paid to the primary beneficiary(ies) you name below. You may name

How to fill out beneficiary designation form

How to fill out beneficiary designation form

1. To fill out a beneficiary designation form, follow these steps:
2. Obtain the form from the financial institution or insurance company that manages your account or policy.
3. Read the instructions provided on the form carefully to understand the requirements and guidelines for designating beneficiaries.
4. Fill in your personal information accurately, including your full name, contact details, and any identification numbers required.
5. Identify the beneficiaries by providing their full names, relationship to you, and their contact information.
6. Specify the percentage or share of the assets you want each beneficiary to receive. If you want equal distribution among multiple beneficiaries, mention it clearly.
7. Consider naming alternate beneficiaries to receive the assets if the primary beneficiaries pass away before you.
8. Sign and date the form, acknowledging that the information provided is true and accurate.
9. Submit the completed form to the financial institution or insurance company as instructed.
10. Keep a copy of the filled-out form for your records.

Who needs beneficiary designation form?

1. Any individual who has financial accounts, insurance policies, retirement plans, or investments that allow beneficiaries to be named should consider filling out a beneficiary designation form. This form ensures that upon the individual's death, their assets are distributed according to their wishes and without the need for probate. It is especially crucial for those who have dependents or specific individuals they want to inherit their assets.

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What is beneficiary designation form?

A beneficiary designation form is a document used to specify the individuals or entities that will receive assets or benefits from a financial account or insurance policy upon the account holder's death.

Who is required to file beneficiary designation form?

Typically, anyone who has a financial account, life insurance policy, or retirement plan that allows for the designation of beneficiaries is required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, provide your personal information, list the beneficiaries' names, relationships, and percentages of the asset, and sign the form according to the instructions provided by the institution.

What is the purpose of beneficiary designation form?

The purpose of a beneficiary designation form is to ensure that assets are distributed according to the account holder's wishes upon their death, bypassing probate if designated properly.

What information must be reported on beneficiary designation form?

The information typically required includes the account holder's name and contact information, the names and relationships of beneficiaries, their Social Security numbers, and the percentage of the asset each beneficiary will receive.