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(for Registered Plans) Branch Code Initial Account # DESIGNATED BENEFICIARY For all provinces and territories except Quebec* I revoke any prior designation(s) of a beneficiary(IES), contingent beneficiary(IES)

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How to fill out designated beneficiary:

1. Start by obtaining the necessary form: The designated beneficiary form can typically be obtained from your insurance provider, retirement plan administrator, or financial institution. You may also find it online on their respective websites.
2. Provide your personal information: Begin by filling out your personal details such as your full name, date of birth, social security number, and contact information. This will ensure that the designated beneficiary form is properly associated with your account.
3. Identify the beneficiary/beneficiaries: Clearly state the full name(s) and relationship(s) of the individual(s) you wish to designate as your beneficiary/beneficiaries. Be accurate and double-check the spellings to avoid any confusion.
4. Specify the percentage of benefits: If you have multiple beneficiaries, indicate the percentage of benefits that each beneficiary should receive upon your passing. Ensure that the total percentage equals 100%. If you want the benefits divided equally, you can assign an equal percentage to each beneficiary.
5. Consider contingent beneficiaries: It is also a good idea to name contingent beneficiaries. These are individuals who would receive the benefits if the primary beneficiary cannot be located or has passed away before you. Specify their full names and relationship to you.
6. Review and sign the form: Once you have completed the designated beneficiary form, carefully review all the information provided. Make sure there are no errors or omissions. Then, sign and date the form to certify its accuracy.

Who needs designated beneficiary:

1. Individuals with life insurance policies: Designating a beneficiary is crucial for life insurance policies, as it ensures that the proceeds of the policy go directly to the intended recipient(s) upon the policyholder's death. Whether you have a term, whole life, or universal life insurance policy, having a designated beneficiary is essential.
2. Retirement account holders: Those who have retirement accounts, such as 401(k)s, individual retirement accounts (IRAs), or pensions, should also designate a beneficiary. This ensures a smooth transfer of assets to the designated individual(s) after the account holder's passing, avoiding potential complications or delays.
3. Investment account holders: Some investment accounts, such as brokerage accounts or mutual funds, may allow you to assign a designated beneficiary. This ensures that the account's assets are distributed according to your wishes upon your death.
4. Individuals with bank accounts: While not all bank accounts have designated beneficiary options, certain accounts like payable-on-death (POD) or Totten trust accounts allow you to name beneficiaries who can inherit the funds automatically upon your death.

In summary, filling out a designated beneficiary form requires providing personal information, clearly identifying the beneficiary/beneficiaries, specifying the percentage of benefits, considering contingent beneficiaries, reviewing and signing the form. Designated beneficiaries are important for individuals with life insurance policies, retirement accounts, investment accounts, and certain bank accounts.

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What is designated beneficiary?

Designated beneficiary is a person or entity named to receive benefits or assets from a trust, retirement account, or insurance policy.

Who is required to file designated beneficiary?

The trustee, custodian, or administrator of a trust, retirement account, or insurance policy is required to file designated beneficiary information.

How to fill out designated beneficiary?

Designated beneficiary information can be filled out by providing the name, contact information, and relationship to the account holder.

What is the purpose of designated beneficiary?

The purpose of designated beneficiary is to ensure that assets are distributed to the intended recipient according to the account holder's wishes.

What information must be reported on designated beneficiary?

The information required to be reported on designated beneficiary includes the beneficiary's name, date of birth, and social security number or tax identification number.