Get the free Beneficiary Designation Form

This form is used to designate primary and contingent beneficiaries for the Police and Fire Retirement Fund of Lexington-Fayette Urban County Government. It allows individuals to name beneficiaries and specify the percentage of benefits for each. The form requires personal information about the employee and the beneficiaries, as well as signatures for validation.

How to fill out beneficiary designation form

How to fill out beneficiary designation form

1. Obtain the beneficiary designation form from the institution (e.g., bank, insurance company).
2. Read the instructions carefully to understand the required information.
3. Fill in your personal details, including your name, address, and account or policy number.
4. Specify your beneficiaries' names, addresses, and relationship to you.
5. Indicate the percentage of the benefit each beneficiary will receive (if applicable).
6. Sign and date the form at the bottom.
7. Submit the completed form to the relevant institution, either electronically or by mail.

Who needs beneficiary designation form?

1. Individuals setting up life insurance policies.
2. Account holders of retirement plans.
3. Trust owners who want to designate heirs.
4. Those establishing payable-on-death (POD) accounts.
5. Parents or guardians planning for minor children's future inheritance.

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What is beneficiary designation form?

A beneficiary designation form is a legal document that allows individuals to designate whom they wish to receive their assets, such as life insurance proceeds or retirement benefits, upon their death.

Who is required to file beneficiary designation form?

Individuals who own certain financial accounts, insurance policies, or retirement plans that offer beneficiary designations are typically required to file a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, individuals should provide their personal information, the details of the asset or account, and clearly list the names and contact information of the beneficiaries they wish to designate.

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 individual's wishes after their death, bypassing the probate process.

What information must be reported on beneficiary designation form?

The information reported on a beneficiary designation form typically includes the owner's name, account details, beneficiary names, relationship to the owner, and contact information of the beneficiaries.