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The Beneficiary Change form plays a crucial role in managing the distribution of assets upon an individual's passing. This essential document allows individuals to designate who will inherit their benefits, ensuring that their wishes are honored and streamlining the administration process for their loved ones. When filling out the form, individuals will provide personal information such as their name, address, and Social Security number, along with details about their chosen beneficiaries. It's important to specify if the request involves a beneficiary change, address change, or name change—accompanied by necessary proofs when applicable. Additionally, the form outlines the need for beneficiaries to be assigned specific percentage shares that total 100%, allowing for clarity in distribution. Primary beneficiaries receive benefits first, while contingent beneficiaries only become eligible if no primary beneficiaries survive. Completing this form also presents an option for paperless delivery, allowing individuals to receive confirmations and updates via email, thereby simplifying record-keeping and communication. Understanding the nuances of the Beneficiary Change form is vital for anyone looking to safeguard their legacy and ensure a smooth transition of their estate in accordance with their desires.
Beneficiary Change Example
Name • Address • Beneficiary Change Form
Personal Information
Name:
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Home Phone: |
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Type of Request & Paperless Delivery Option |
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c Beneficiary Change |
c Address Change |
c Name Change* |
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*Proof of name change must be attached; i.e. copy of your driver’s license, Social Security card, or marriage certificate.
Paperless Delivery: By providing your email address you are consenting to receive statements, confirmations, terms, agreements and other information provided in connection with your retirement plan electronically. Unless you choose to have statements, account documents and other documents sent in connection with your retirement plan delivered via US Mail to the mailing address of record by checking the box below, these documents will be made available to you electronically
cI wish to receive my statements and account documents via US Mail.
Beneficiary Designation
This beneficiary designation applies to all funding options (including life insurance) unless otherwise noted. For payout purposes, the Plan Administrator will establish
PLEASE NOTE: Percentage split must total 100% for each category of beneficiary.
If you select “Equal Percentage” for your beneficiaries, there may be some minor variance based upon the number of beneficiaries you have listed. For example: if you list three beneficiaries, the oldest beneficiary will be designated 33.34% and the other two will be 33.33%.
If additional space for beneficiaries is required, attach additional sheets and mark this box: c
Primary Beneficiary(ies) (must total 100%): c Equal Percentage
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2. Full Name: |
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Contingent Beneficiary(ies) (must total 100%): c Equal Percentage
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2. Full Name: |
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Authorization
This designation supersedes any prior beneficiary designation and shall become effective on the date accepted by the Plan as listed below prior to my death. My death benefits will be paid first to my Primary Beneficiaries. If some of my Primary Beneficiaries predecease me, then my death benefit will be paid to the remaining Primary Beneficiaries.
Contingent Beneficiaries will only receive benefits if no Primary Beneficiary survives me. If no beneficiary designation is on file, benefits will be paid pursuant to the sequence set forth in the Plan Document.
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For help, please call |
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nrsforu.com |
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Model Beneficiary Designations
Indicate the full names of the beneficiaries, their Social Security numbers, date of birth, relationship to you, address, phone number, and split you’d like each one of them to receive. Please use the following designations as a guide when completing this form.
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Name |
Split% |
Relationship |
SSN |
Date Of Birth |
1. |
Primary: Joan Nation |
100% |
spouse |
01/02/1962 |
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2. |
Primary: Joan Nation |
100% |
spouse |
01/02/1962 |
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Contingent: Henry Nation |
100% |
son |
06/26/1984 |
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3. |
Primary: Joan Nation |
100% |
spouse |
01/02/1962 |
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Contingent: Henry Nation |
50% |
son |
06/26/1984 |
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Contingent: Betty Nation |
50% |
daughter |
02/12/1980 |
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4. |
Primary: Henry Nation |
50% |
son |
06/26/1984 |
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Primary: Betty Nation |
50% |
daughter |
02/12/1980 |
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5. |
Primary: Henry Nation |
34% |
son |
06/26/1984 |
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Primary: Betty Nation |
33% |
daughter |
02/12/1980 |
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Primary: John Nation |
33% |
son |
09/31/1986 |
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6. |
Primary: Sara Nation |
60% |
mother |
10/14/1950 |
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Primary: George Nation |
40% |
father |
12/30/1945 |
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Contingent: Jean Nation |
100% |
sister |
03/29/1971 |
7.Primary: My Estate
8.First National Bank of Canton, Ohio, as Trustee under Trust Agreement with Robert E. Nation dated January 1, 2002. (Attach a copy of the title and signature page of the Trust).
Generic beneficiary designations will not be accepted. Examples of generic designations include:
1.My spouse, parent(s), sister(s), brother(s), son(s), daughter(s).
2.My children.
3.Children of this marriage or any past marriage.
4.As designated in my will.
Form Return
By mail: |
Nationwide Retirement Solutions |
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PO Box 182797 |
By fax: |
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Columbus, OH |
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For help, please call |
nrsforu.com |
File Breakdown
| Fact Name | Description |
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| Personal Information Requirement | The form requires detailed personal information including your name, date of birth, and social security number or account number. |
| Proof of Name Change | If you are changing your name, you must provide proof such as a copy of your driver's license, social security card, or marriage certificate. |
| Delivery Option | You have the choice to receive account documents electronically. By providing your email, you consent to this delivery option. |
| Beneficiary Designation Scope | This designation applies to all funding options, including life insurance, unless specified otherwise. |
| Percentage Split Requirement | The total percentage for beneficiaries must equal 100%, ensuring clear instructions for distribution of benefits. |
| Contingent Beneficiaries | Contingent beneficiaries only receive benefits if no primary beneficiary survives you, adding an additional layer of planning. |
| Superseding Previous Designations | Any new designation you make supersedes prior beneficiary designations, making it crucial to keep your form up to date. |
| State-Specific Forms | Different states may have unique governing laws affecting the submission and validity of beneficiary changes, so check local requirements. |
| Return Options | You can return the completed form via mail, fax, or email, offering convenience based on your preferred method. |
Guide to Using Beneficiary Change
Once the Beneficiary Change form is completed, you'll need to submit it to ensure that your changes are officially recorded. You can return the form by mail or email, as indicated in the submission instructions. Here’s how to fill out the form step by step:
- Start with Your Personal Information: Fill in your name, date of birth, Social Security number (or account number), and contact details, including your address, home phone, work phone, and email.
- Select the Type of Request: Choose whether you are changing your beneficiary, address, or name. If you are changing your name, remember to attach proof of the name change.
- Opt for Paperless Delivery: Decide if you want to receive statements and documents via email or US Mail. If you prefer US Mail, check the appropriate box.
- Designate Your Primary Beneficiaries: Provide full names, dates of birth, relationships to you, Social Security numbers, phone numbers, and the percentage split for each primary beneficiary. Ensure that the total split equals 100%.
- Add Contingent Beneficiaries: Repeat the previous step for any contingent beneficiaries, again ensuring the total percentage equals 100%.
- Complete the Authorization: Sign and date the form to confirm your beneficiary designations. This designation will replace any previous ones you may have submitted.
After you have filled out the form completely, ensure all the information is accurate before submitting it according to the return options provided. Keeping a copy for your records can also be beneficial.
Get Answers on Beneficiary Change
What is the purpose of the Beneficiary Change Form?
The Beneficiary Change Form allows you to designate who will receive your death benefits from your retirement plan. This is crucial for ensuring that your assets go to the individuals you choose, whether they are family members or others you care about.
Who should fill out the Beneficiary Change Form?
Anyone with a retirement plan, life insurance policy, or similar financial instrument should consider completing this form. If you're looking to change your beneficiaries due to life events such as marriage, divorce, or the death of a loved one, this form will be especially important.
What information is required on the form?
You will need to provide personal details including:
- Your full name
- Date of birth
- Social Security number or account number
- Address and contact information
Additionally, you will specify your primary and contingent beneficiaries, including their names, dates of birth, Social Security numbers, and the percentage of benefits they will receive.
What is the difference between primary and contingent beneficiaries?
Primary beneficiaries are the first in line to receive benefits after your death. If a primary beneficiary passes away before you, the benefits then go to the remaining primary beneficiaries. Contingent beneficiaries receive benefits only if none of the primary beneficiaries survive you.
Can the form be modified after it is submitted?
Yes, you can change your beneficiaries at any time by submitting a new Beneficiary Change Form. The most recent form submitted will override any previous designations.
What happens if I don’t name a beneficiary?
If no beneficiary is named, benefits will be distributed according to the guidelines outlined in the Plan Document. This could mean that your benefits are paid to your estate or in accordance with state law, which might not reflect your personal wishes.
Why is it important to keep my beneficiary designations updated?
Life circumstances change—marriages, divorces, births, or deaths all require you to review your beneficiary designations. Keeping this information current ensures that your assets are distributed exactly as you wish.
How do I submit the Beneficiary Change Form?
You can submit the form by mailing it to the address provided on the form, sending it via fax, or emailing it to the designated address. Choose the method that is most convenient for you, but ensure that you keep a copy for your records.
Are there any restrictions on who I can name as a beneficiary?
Generally, you can name anyone as a beneficiary except for certain conditions that may apply, such as having a spouse who must consent to the designation. It’s important to check any specific rules outlined by your retirement plan.
What if I want to specify a trust as my beneficiary?
You can designate a trust as a beneficiary by including the trust's name and details on the form. Make sure to attach all necessary documents, like the title and signature page of the trust, to ensure its validity.
Common mistakes
Filling out the Beneficiary Change form can be straightforward, but there are common mistakes that people often make. Avoiding these pitfalls can save time and potential complications in the future.
One frequent error involves incomplete information. It's crucial to provide full details for each beneficiary, including their full name, date of birth, and Social Security number. Leaving out even one piece of this information can lead to delays or challenges in processing your request.
Another common mistake is failing to specify a percentage split. The percentage total for your primary and contingent beneficiaries must always equal 100%. If you list multiple beneficiaries and do not ensure the sums add up correctly, it can create confusion about who is entitled to what after your passing.
Some individuals skip marking the “Equal Percentage” box when they intend for beneficiaries to share equally. This might seem minor, but without this indication, the Plan may not distribute funds as you intended, leading to unequal distributions that could contradict your wishes.
It's also important to provide accurate relationships to the beneficiaries. For instance, if you incorrectly label someone as a child instead of a stepchild, this may affect how benefits are allocated. Make sure each beneficiary’s relationship is clearly outlined to avoid future complications.
People often forget to attach necessary proof of name changes if applicable. If you have recently changed your name, make sure to attach the required documents, like a marriage certificate or a court order. Failing to include this could result in your form being rejected.
Many people do not read the supporting instructions and guidelines provided with the form. These directions contain vital information that can clarify how to properly fill out the form to ensure your intentions are correctly recorded. Taking the time to review them could prevent mistakes.
In some cases, individuals neglect to update their forms frequently. Life changes, such as marriages or the birth of children, might necessitate updates to your beneficiary information. Keeping your form current is essential to ensure it reflects your current intentions.
Furthermore, generic designations like "my children" can lead to problems. The Plan requires specific names for beneficiaries to avoid ambiguity. Always list full names instead of general terms to secure your benefits for the intended individuals.
Lastly, some submit the form without signing it, which is a critical step. A missing signature can invalidate your requests. Always double-check that your signature and the date are clearly marked before sending in the form.
Avoiding these mistakes can lead to a smoother process and ensure that your wishes regarding beneficiaries are honored. Take the time to review your form carefully before submission.
Documents used along the form
When completing a Beneficiary Change form, several other documents may support your request and ensure everything is processed smoothly. Here are five key forms that often accompany the Beneficiary Change form, along with brief descriptions of each.
- Proof of Name Change: If you are changing your name, documentation must be provided to verify the change. Acceptable documents include a driver’s license, Social Security card, or marriage certificate.
- Death Certificate: When a beneficiary passes away, a death certificate may be needed to formally designate a new beneficiary or to understand the distribution of benefits.
- Trust Documentation: If a trust is named as a beneficiary or if you’re designating your estate, providing the trust agreement can clarify the terms for the distribution of assets.
- Financial Statements: These may be requested to confirm the current holdings and values of policies or accounts linked to the beneficiary designations, ensuring that all parties are informed.
- Power of Attorney: If someone else is submitting the form on your behalf, it’s crucial to include a valid Power of Attorney document that grants them the authority to act in your stead.
By including these supporting documents alongside your Beneficiary Change form, you can help avoid delays and ensure a seamless transition in your beneficiary designations. It's always good to be prepared, as this can simplify the process for everyone involved.
Similar forms
- Power of Attorney: This form allows individuals to designate someone to make decisions on their behalf. Like the Beneficiary Change form, it requires personal information and must be clear to ensure that the appointed individual understands their responsibilities.
- Will: A will specifies how a person's assets and affairs will be handled upon their death. Similar to the Beneficiary Change form, it involves the designation of beneficiaries and requires identification of individuals or entities entitled to receive assets.
- Trust Agreement: This document establishes a trust and outlines how assets will be managed during and after a person's lifetime. It is similar in that it also includes beneficiary designations and terms for distribution of assets, ensuring clarity about how beneficiaries will be treated.
- Life Insurance Beneficiary Designation: This document allows policyholders to name beneficiaries for the policy’s death benefit. Much like the Beneficiary Change form, it requires personal information and specifies the percentage split for beneficiaries.
- Retirement Account Beneficiary Designation: This form indicates whom the retirement account assets should go to upon the account holder's death. It requires similar information concerning beneficiaries, including their contact details and the percentage allocations.
- Marital Settlement Agreement: This agreement is used during a divorce to divide assets and responsibilities. It shares similarities with the Beneficiary Change form, as it must clearly state how assets pass to designated individuals post-divorce.
Dos and Don'ts
When filling out the Beneficiary Change form, there are essential dos and don’ts to ensure your information is processed correctly and efficiently. Here’s a straightforward list to guide you.
- Do check all fields carefully to ensure accuracy.
- Do use full names and include Social Security numbers for all beneficiaries.
- Do specify the percentage split for each beneficiary, making sure it totals 100%.
- Do provide proof of name changes if applicable, such as a marriage certificate or driver’s license.
- Do sign and date the form after completing all sections.
- Don't use generic terms like "my spouse" or "children" when naming beneficiaries.
- Don't forget to include contact information for each beneficiary.
- Don't omit any beneficiaries if the total percentage for your designated splits does not equal 100%.
- Don't submit the form without reviewing it one last time to catch any errors.
- Don't delay submitting your form once it is complete, as delays can impact your benefits.
Misconceptions
Understanding the Beneficiary Change form is crucial for ensuring that your benefits are distributed according to your wishes. However, several misconceptions can lead to confusion. Below are ten common misconceptions surrounding this form:
- Anyone can change my beneficiaries. Only the account holder has the authority to complete the change. This maintains control over who benefits from the account.
- Electronic delivery of documents is mandatory. You have the option to choose paper statements. If you prefer to receive documents via U.S. mail, simply check the appropriate box.
- A handwritten note can substitute for the form. The official Beneficiary Change form must be used. Handwritten changes may not be recognized by the plan administrator.
- I don’t need to designate contingent beneficiaries. If primary beneficiaries do not survive you, contingent beneficiaries will ensure that there’s still a source for your benefits.
- The percentage split among beneficiaries can total anything. It must total 100% for each category of beneficiaries. Not doing so could cause complications in distribution.
- All beneficiaries will automatically receive equal amounts. You must specify what split each beneficiary gets. If you select "Equal Percentage," minor adjustments might occur based on the number of beneficiaries listed.
- I can leave my estate as a beneficiary without special mention. Generic designations are generally not accepted. A specific name needs to be listed to avoid confusion.
- I can designate anyone as my beneficiary. While you can choose family members or others, there are guidelines. You cannot use vague terms like “my children” without specifying their names.
- The change takes immediate effect upon submission. The designation becomes effective only when accepted by the Plan. Until then, previous beneficiaries remain in place.
- I don’t need to update my beneficiary designations after a life event. Major life changes such as marriage, divorce, or the birth of a child should prompt an update to your beneficiary designations.
By addressing these misconceptions, individuals can better navigate the complexities of their retirement planning and ensure their wishes are honored. It’s always wise to consult with professionals for personalized guidance.
Key takeaways
Filling out and utilizing the Beneficiary Change form is a crucial step in ensuring that your assets are distributed according to your wishes. Below are key takeaways that can guide you through this process.
- Complete Personal Information: Ensure all personal details such as your name, date of birth, and Social Security Number are accurately filled out to avoid any delays.
- Select Your Request Type: Specify whether you are changing your beneficiary, address, or name. If you are changing your name, be prepared to provide proof.
- Email Consent: By providing your email address, you consent to receive documents related to your retirement plan electronically, which can streamline communication.
- Understand Beneficiary Designations: The form allows designating primary and contingent beneficiaries. Each beneficiary type must total 100% when split among them.
- Proportional Distribution: If choosing equal percentages for multiple beneficiaries, be aware that there may be minor adjustments in the percentages due to rounding.
- Plan for Contingent Beneficiaries: Contingent beneficiaries will only receive benefits if none of the primary beneficiaries are alive at the time of your passing.
- Authorization Clause: By signing the form, you confirm that this designation supersedes any previous beneficiaries you have named.
- Generic Designations Not Accepted: Avoid vague terms such as "my spouse" or "my children." Specify each individual’s full name to ensure clarity.
- Return Instructions: Submit your completed form through mail, fax, or email, making sure to use the correct contact details provided in the guidelines.
- Keep Records: Retain a copy of the completed form for your personal records to ensure you can address any future inquiries or changes more easily.
Understanding these points can make the process smoother and ensure that your wishes are honored in the event you are unable to express them yourself.