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Beneficiary Selection Form (If Member Dies Before Retirement) August 2010 Retirement Board: Address: City, State, Zip: Phone: Email: August Retirement System Town Hall Annex, 25R Main Street August,

How to fill out beneficiary selection form

How to fill out a beneficiary selection form:

1. Obtain the form: Start by obtaining a beneficiary selection form from the organization or institution that requires it. This can usually be done by contacting the appropriate department or visiting their website.
2. Provide personal information: Begin filling out the form by entering your personal information accurately. This typically includes your full name, contact details, date of birth, and social security number. Make sure to double-check the information for any mistakes.
3. Specify the type of beneficiary: Indicate whether you are designating a primary beneficiary, contingent beneficiary, or both. A primary beneficiary is the person or entity (such as a trust or organization) who will inherit the assets or benefits. A contingent beneficiary is the alternative beneficiary if the primary beneficiary is unable to receive the assets.
4. Name the beneficiaries: Clearly state the full names of the beneficiaries you wish to designate. Include their relationship to you, such as spouse, child, or friend. Ensure accuracy in spelling and details to avoid any potential confusion.
5. Specify the percentage or share: If the form requires you to divide the benefits among multiple beneficiaries, indicate the percentage or share each one will receive. This is important to clearly outline the distribution of assets.
6. Provide contact information for beneficiaries: Record the contact details of the beneficiaries, including their addresses, phone numbers, and email addresses. This allows the organization to reach out to them in case of any further inquiries or updates.
7. Name a guardian (if applicable): If you are designating a minor as a beneficiary, it is essential to name a guardian who will manage the assets on their behalf until they reach the legal age. Include the guardian's full name and contact information.
8. Review and sign the form: Carefully review all the information you have provided on the beneficiary selection form. Ensure accuracy and completeness. Once satisfied, sign and date the form as required. This indicates your agreement and understanding of the designated beneficiaries.

Who needs a beneficiary selection form?

1. Insurance policyholders: Individuals who have life insurance, health insurance, or any other type of insurance policy that allows for beneficiary designations often need to fill out a beneficiary selection form. This form clarifies who will receive the benefits upon the policyholder's death or incapacity.
2. Retirement account holders: Individuals who have retirement accounts, such as 401(k)s or IRAs, may need to complete a beneficiary selection form. This is crucial to determine who will inherit the remaining funds in the retirement account in the event of the account holder's passing.
3. Estate planning individuals: Those engaging in estate planning, which involves organizing their assets and distributing them according to their wishes after their death, often require a beneficiary selection form. This helps ensure a smooth transition of assets to the intended beneficiaries.
4. Trust creators: Individuals who establish trusts as part of their estate plan must often complete a beneficiary selection form. This is necessary to name the beneficiaries who will receive the trust assets upon the trustor's death.
5. Employees: Some employers offer life insurance or retirement plans with beneficiary designations. Employees who wish to designate beneficiaries for such benefits are required to fill out a beneficiary selection form.

Remember, the specific requirements and processes may vary depending on the organization or institution providing the form. It is essential to carefully read and follow the instructions provided with the form to ensure accurate completion.

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