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The Lynch Beneficiary Designation form is a crucial document for individuals managing various types of accounts at Merrill Lynch, including IRAs, Health Savings Accounts, and Education Savings Accounts. This form allows account holders to designate beneficiaries who will receive the account balance upon their death, ensuring that their assets are distributed according to their wishes. It replaces any prior beneficiary designations, emphasizing the importance of keeping beneficiary information current. The form requires account holders to provide detailed information about their chosen beneficiaries, including names, relationships, and tax identification numbers, which helps streamline the distribution process later on. Additionally, the form outlines instructions for both primary and contingent beneficiaries, ensuring that there is a clear plan in place should the primary beneficiaries not survive the account holder. Importantly, it allows for customization of beneficiary designations and provides options for the method of distribution, such as “per stirpes” or “per capita.” Completing this form accurately is essential, as it has significant legal and financial implications. Consulting with a tax or legal professional before finalizing the designations is highly recommended to navigate the complexities involved.

Lynch Beneficiary Designation Example

Beneficiary Designation Form

MERRILL~.

A BANIK OF AMIUl'ICA C:OMPAN"I'

This form is to be used to designate beneficiaries or to replace all prior beneficiary designations at Merrill for the accounts listed below.

n IRA

n BASIC™

n Archer Medical Savings Account (MSA)

n IRRA®

n SEP IRA

n Health Savings Account (HSA)

n Roth IRA

n SIMPLE IRA

n Merrill Lynch Education Savings Account® (MLESA)*

Instructions:

nUse one form per client. Additional clients must use a separate Beneficiary Designation Form.

nAdditional instructions for completing this form appear below and throughout the form.

nForward your completed form, in its entirety (pages 1-3), to your Merrill Lynch Wealth Management Advisor, Client Associate or the Merrill

Advisory Center.

 

Merrill Lynch Wealth Management Clients

Merrill Edge Self-Directed and Merrill Guided

Please contact your personal advisor to obtain your

Investing Clients

advisor's office fax number or address for

Fax to: 866.994.7807

prompt processing.

Or, you can mail to the following address:

 

Merrill • P.O. Box 29002, Hot Springs, AR 71903-9002

nPlease retain a copy of this form for your records.

Completing Designation/Change of Beneficiary(ies):

nDesignating or changing your beneficiary(ies) has important consequences. We urge you to consult your attorney and/or tax advisor before completing this form.

nYou may name one or more individuals and/or entities to be the primary or contingent beneficiary(ies) of your account, including your estate, trust or other entity. For all beneficiary(ies) named, the percentages must total 100%, (Percentages up to the hundredth decimal may be used).

For individuals, please indicate the legal name, social security number, date of birth, and relationship for each beneficiary. Depending on your designation, the relationship field may affect your Required Minimum Distribution (RMD) calculation. Therefore, it is important to specify the correct relationship (i.e. spouse, non-spouse, trust, estate) in that field. For estates, trusts or other entities please provide the exact name or title of the entity, tax identification number, and the date of inception, if available. Although all fields are not required, we ask you provide as much information as possible to help ensure that after your death we are able to properly identify and locate your named beneficiary(ies) in a timely manner. Designations that include “as per will” or “as per trust” will be considered invalid.

nPlease do not submit copies of your will or trust document. If an estate or trust is designated, Merrill shall rely solely upon the instructions of the executor/administrator or trustee and shall have no responsibility for monitoring the terms of the will or trust.

nAfter your death, the balance in your account(s) shall be distributed to the primary beneficiary(ies) in proportion to the payment percentages indicated. If a primary beneficiary predeceases you, his/her share will be distributed to the remaining primary beneficiary(ies) in proportion to the payment percentages. If no primary beneficiary(ies) survive you, the balance will be distributed to your contingent beneficiary(ies) in the same manner. If no primary or contingent beneficiary(ies) survive you, or if no beneficiary is in effect at the time of your death, we will pay your IRA balance to your surviving spouse, or, if you are not survived by a spouse, to your estate.

nChanging your beneficiary – You may change your beneficiary designation at any time and as often as you wish. Any designation or change of beneficiary is not effective until we receive and accept it. All beneficiary designations must be compatible with our administrative and operational requirements, which may change at any time.

nOptional Designations – Please consult a tax and/or legal professional for further explanation. You may choose only “per stirpes” or “per capita”, but not both, for beneficiaries in the same class (i.e., primary or contingent).

n Per Stirpes is a method of dividing an account where surviving descendants of a deceased beneficiary effectively take the place of their deceased ancestor as primary beneficiary(ies) so that they take the share to which their ancestor was entitled (had he/she lived).

n A Per Capita division of property is an equal division among all named beneficiaries and surviving descendants of deceased ancestors.

n Customized Designations – If your beneficiary designation includes any alterations to the form, provisions in addition to the election of beneficiaries, or if you require additional space to write your designation, please submit your designation on a separate page(s) and attach it to this form. Please write “See Attached” in Section 2, under the Name field. This will be considered a “customized beneficiary designation.” Please note: all customized beneficiary designations must be reviewed for compatibility with Merrill administrative and operational requirements, which may change over time. Please contact your Merrill Lynch Wealth Management Advisor, Client Associate, or the Merrill Advisory Center for more information on customized designations.

*For Merrill Lynch Education Savings Accounts (MLESA), the words “me” and “my” shall refer to the “Student” or “Students,” and the words “you” and “yours” refer to the “Guardian” or the “Guardians” where applicable.

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Branch Office Instructions: Form must be branch scanned to each account.

 

 

 

 

 

 

 

 

1: Account Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Numbers (Designation will apply to all accounts listed below.)

 

 

 

 

 

 

 

 

 

 

 

Required

 

Client Name (One client per form. Additional clients must

 

 

 

 

 

 

 

 

 

 

 

 

complete a separate Beneficiary Designation Form).

1

5

 

 

 

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6

 

 

 

3

 

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8

 

 

2: Designation/Change of Beneficiary(ies)

PRIMARY BENEFICIARY(IES): I hereby designate the person(s) or entity(ies) named below as primary beneficiary(ies). You may choose only

“per stirpes” or “per capita”, but not both, in this section. Please refer to the instructions page for more information on these fields required and consult a tax and/or legal professional for further explanation about per stirpes and per capita.

I

Required

 

 

 

Optional

Optional

Name

Date of Birth

Relationship

Share %

Tax Identification

Per Per

(MM/DD/YYYY)

(Enter as XXX.XX)

Number

Stirpes Capita

 

 

 

 

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Must Total 100.00%

 

 

CONTINGENT BENEFICIARY(IES): If there are no primary beneficiary(ies) living at the time of my death, I hereby specify that the balance be distributed to the contingent beneficiary(ies). You may choose only “per stirpes” or “per capita”, but not both, in this section. Please refer to the instructions page for more information on these fields required and consult a tax professional for further explanation about per stirpes and per capita.

I

 

Required

 

 

Optional

Optional

 

Name

Date of Birth

Relationship

Share %

Tax Identification

Per

Per

 

(MM/DD/YYYY)

(Enter as XXX.XX)

Number

Stirpes Capita

 

 

 

 

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NOTE: You must sign and date this form in Section 3 on the following page.

Must Total 100.00%

 

 

 

 

 

 

 

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3: Signature

INSTRUCTIONS: You must sign and date your Beneficiary Designation Form in order for it to become effective when received and accepted by Merrill. If you are signing on behalf of the client, include your title in the signature line below and ensure the proper documentation authorizing you to do so is on file and approved. The designation will not be valid without proper approval of authorization.

I understand that if no designated beneficiary survives me, or if no beneficiary designation is in effect at my death, the account balance(s) will be paid to my spouse, or if I am not survived by a spouse, to my estate. I am aware that this form replaces all prior beneficiary designations for

the account(s) listed on this form, becomes effective when received and accepted by Merrill, and will remain in effect until I deliver to Merrill another designation form with a later date.

Signature and Title (e.g. Guardian, Conservator, POA)

Date (MM/DD/YYYY)

Daytime Telephone

4: To be Completed ONLY for BASIC Accounts

INSTRUCTIONS:

Spouse’s Consent to Alternate Beneficiary Designation:

nIf you are not married, the plan administrator or notary public does not have to sign the form.

nIf you are married, your spouse must sign and date this section if you designate someone other than your spouse as beneficiary.

nThe plan administrator or a notary public must sign to certify your spouse’s signature.

Unavailability of Spouse’s Consent:

If you cannot obtain your spouse’s consent, your employer must indicate and certify the reason (see below).

I certify under penalty of perjury that I am not married as of the date this form is signed. I understand that if I marry after this date, the rules for married individuals will apply to me.

Spouse’s Consent to Alternate Beneficiary designation:

“I am the spouse of the participant who made the beneficiary designation on this form and I consent to it. I understand that if someone other than me has been designated beneficiary, my consent means that I give up my rights I may have under the Plan and applicable law (other than rights I may later have as the survivor in a joint annuity with the participant)

to receive those amounts payable under the Plan by reason of the participant’s death to which I would otherwise be entitled if I were the participant’s sole beneficiary.”

Spouse’s consent unavailable because:

Participant’s spouse cannot be located.

Other

“It has been established to my satisfaction that the consent of the participant’s spouse to the participant beneficiary designation of this form cannot be obtained for the reason indicated.”

Signature of Plan Administrator

Date (MM/DD/YYYY)

Spouse’s Signature

 

Date (MM/DD/YYYY)

 

 

Signature of Plan Administrator or Notary Public

Date (MM/DD/YYYY)

 

 

Notary Title/Commission

Expiration Date (MM/DD/YYYY)

MERRILL~

A BA N!K OF' AIMI[ 'I CA C,OIMPA.N'Y

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

© 2021 Bank of America Corporation. All rights reserved.

Code 1217-0321

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Click for Lynch Beneficiary Designation File

File Breakdown

Fact Name Description
Purpose The Lynch Beneficiary Designation form is used to designate beneficiaries for various accounts at Merrill Lynch, replacing any prior designations.
Account Types This form applies to multiple account types, including IRAs, Health Savings Accounts, and Education Savings Accounts.
Information Required Clients must provide detailed information for each beneficiary, including legal names, Social Security numbers, and relationships to ensure accurate processing.
Distribution Rules Upon the account holder's death, assets will be distributed first to primary beneficiaries, then to contingent beneficiaries, and finally to the estate if no beneficiaries survive.
Customization Clients can submit customized beneficiary designations on separate pages if the standard form does not meet their needs, but these must comply with Merrill’s requirements.
Legal Consultation It is recommended that clients consult legal or tax professionals before completing the form to understand the implications of their beneficiary designations.

Guide to Using Lynch Beneficiary Designation

Completing the Lynch Beneficiary Designation form is an important step in ensuring that your assets are distributed according to your wishes. After filling out the form, it should be submitted to your Merrill Lynch Wealth Management Advisor, Client Associate, or the Merrill Advisory Center for processing.

  1. Obtain the Lynch Beneficiary Designation form from your Merrill Lynch Wealth Management Advisor or the Merrill Advisory Center.
  2. Fill in your account information in Section 1, including the account numbers and your name. Remember, one form is required per client.
  3. In Section 2, designate your primary beneficiaries. Provide their legal names, dates of birth, relationships to you, and the percentage of the account each will receive. Ensure the total equals 100%.
  4. If applicable, designate your contingent beneficiaries in the same manner as the primary beneficiaries. Again, ensure the total percentage equals 100%.
  5. In Section 3, sign and date the form. If someone is signing on your behalf, include their title and ensure proper authorization documentation is on file.
  6. If you are married and designate someone other than your spouse as a beneficiary, complete the spouse’s consent section. Ensure your spouse signs and dates this section, and have it certified by a plan administrator or notary public.
  7. Make a copy of the completed form for your records.
  8. Submit the completed form to your Merrill Lynch Wealth Management Advisor, Client Associate, or the Merrill Advisory Center via fax or mail for prompt processing.

Get Answers on Lynch Beneficiary Designation

  1. What is the Lynch Beneficiary Designation form?

    The Lynch Beneficiary Designation form is a document used to specify who will receive the assets in your Merrill accounts after your death. This form allows you to designate primary and contingent beneficiaries, ensuring that your wishes are followed regarding the distribution of your accounts, such as IRAs, HSAs, and education savings accounts.

  2. Who should use this form?

    Any individual with a Merrill account who wants to designate or change beneficiaries should use this form. It is important to complete a separate form for each client, as only one client can be listed per form.

  3. What types of accounts can I designate beneficiaries for?

    You can use the Lynch Beneficiary Designation form for various types of accounts, including:

    • IRA
    • BASIC™
    • Archer Medical Savings Account (MSA)
    • IRRA®
    • SEP IRA
    • Health Savings Account (HSA)
    • Roth IRA
    • SIMPLE IRA
    • Merrill Lynch Education Savings Account® (MLESA)

  4. How do I complete the form?

    To complete the form, follow these steps:

    1. Fill in your account information, including account numbers and your name.
    2. Designate primary and contingent beneficiaries, providing their names, dates of birth, relationships to you, and share percentages.
    3. Sign and date the form in the designated section.

    Make sure to provide as much information as possible to ensure timely identification of your beneficiaries after your passing.

  5. What happens if I do not designate a beneficiary?

    If you do not have a designated beneficiary at the time of your death, the account balance will be paid to your surviving spouse. If you are not survived by a spouse, the balance will go to your estate.

  6. Can I change my beneficiary designation after submitting the form?

    Yes, you can change your beneficiary designation at any time. However, the change will only be effective once Merrill receives and accepts the new designation form. It is essential to ensure that all designations comply with Merrill’s administrative requirements.

  7. What is the difference between "per stirpes" and "per capita" designations?

    "Per stirpes" means that if a beneficiary passes away before you, their share will be divided among their descendants. In contrast, "per capita" means that the remaining beneficiaries will equally share the account balance. You can choose only one of these methods for beneficiaries within the same class.

  8. Do I need to provide my will or trust documents with this form?

    No, you should not submit copies of your will or trust documents with the Lynch Beneficiary Designation form. If you designate an estate or trust as a beneficiary, Merrill will rely solely on the instructions of the executor or trustee without monitoring the terms of the will or trust.

  9. What should I do if I have customized beneficiary designations?

    If your beneficiary designations include alterations or additional provisions, you should submit those on separate pages and attach them to the form. Indicate "See Attached" in the appropriate section. All customized designations must be reviewed for compatibility with Merrill's requirements.

  10. If you are married and wish to designate someone other than your spouse as a beneficiary, your spouse must sign the form to consent to this designation. If you cannot obtain your spouse's consent, your employer must certify the reason for the unavailability.

Common mistakes

Filling out the Lynch Beneficiary Designation form can seem straightforward, but several common mistakes can lead to complications. One frequent error is failing to provide complete information about each beneficiary. It’s essential to include the full legal name, date of birth, social security number, and relationship for every individual named. Incomplete information can delay the processing of your designation and may complicate the distribution of your assets after your death.

Another mistake is neglecting to ensure that the total percentage for all beneficiaries equals 100%. Each designated beneficiary must have a clearly defined share, and if the percentages do not add up correctly, the designation may be deemed invalid. This can lead to unintended consequences regarding how your assets are distributed.

Some individuals mistakenly believe that simply writing “as per will” or “as per trust” is sufficient. This is not the case. Such designations are considered invalid, which means that your assets may not be distributed according to your wishes. It is crucial to specify exact names and percentages for all beneficiaries to avoid confusion.

Another common oversight involves not consulting with a legal or tax professional before completing the form. The relationships you specify can impact Required Minimum Distribution (RMD) calculations. Without proper guidance, you may inadvertently choose a designation that could have tax implications for your beneficiaries.

Additionally, many people fail to sign and date the form properly. The signature is necessary for the designation to be effective. If you are signing on behalf of someone else, make sure to include your title and ensure that the proper documentation is on file. An unsigned form will not be honored, leaving your beneficiaries without a designated plan.

Finally, some individuals overlook the importance of reviewing the form for compatibility with Merrill’s administrative requirements. If you make any alterations or need additional space for designations, it’s vital to submit those on a separate page and indicate that in the form. Failing to do so could result in your customized designations being rejected.

Documents used along the form

When managing your financial accounts, it is essential to understand the various forms and documents that may accompany the Lynch Beneficiary Designation form. Each of these documents serves a unique purpose and can play a crucial role in ensuring that your assets are distributed according to your wishes. Below is a list of related documents that you may encounter in this process.

  • Will: A legal document that outlines how your assets will be distributed upon your death. It can specify beneficiaries and may also appoint guardians for minor children.
  • Trust Agreement: This document establishes a trust, which can hold assets for beneficiaries. It allows for more control over when and how assets are distributed compared to a will.
  • Power of Attorney: A legal document that grants someone the authority to act on your behalf in financial or legal matters. This can be important for managing accounts if you become incapacitated.
  • Healthcare Proxy: This document allows you to designate someone to make medical decisions on your behalf if you are unable to do so. It is crucial for ensuring your healthcare preferences are honored.
  • Living Will: A document that outlines your wishes regarding medical treatment in situations where you cannot communicate your preferences, particularly at the end of life.
  • Tax Identification Number (TIN) Application: This form is used to apply for a TIN, which may be necessary for trusts or estates to file tax returns.
  • Spousal Consent Form: Required in certain cases, this document ensures that a spouse agrees to the beneficiary designation, particularly if someone other than the spouse is named.
  • Account Statements: Regularly issued documents that provide a summary of your account activity, balances, and transactions. These can be useful for tracking your investments and ensuring accuracy in beneficiary designations.

Understanding these documents can help you navigate the complexities of estate planning and ensure that your wishes are clearly communicated and legally binding. Each form plays a vital role in protecting your interests and those of your beneficiaries, making it important to approach this process with care and attention.

Similar forms

The Lynch Beneficiary Designation form is an important document for individuals looking to specify who will receive their assets after their passing. It shares similarities with several other legal documents that also serve to designate beneficiaries or manage asset distribution. Here are four documents that are similar to the Lynch Beneficiary Designation form:

  • Last Will and Testament: A will allows individuals to specify how their assets will be distributed after their death. Like the Lynch form, it requires clear identification of beneficiaries and can include specific instructions about asset division.
  • Trust Agreement: A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. Similar to the Lynch form, a trust allows individuals to designate who will benefit from their assets, often providing more control over distribution than a will.
  • Payable on Death (POD) Designation: This designation allows account holders to name beneficiaries who will receive funds directly upon their death. Like the Lynch form, it simplifies the transfer of assets without going through probate, ensuring that beneficiaries receive their share quickly.
  • Transfer on Death (TOD) Registration: Similar to a POD designation, a TOD registration allows individuals to name beneficiaries for securities or real estate. This document ensures that the assets are transferred directly to the beneficiaries upon the owner's death, bypassing the probate process, much like the Lynch Beneficiary Designation form.

Dos and Don'ts

When filling out the Lynch Beneficiary Designation form, it is essential to approach the task with care and attention. Here are some important do's and don'ts to keep in mind:

  • Do ensure that you use one form per client. Each additional client must complete a separate Beneficiary Designation Form.
  • Do provide complete information for each beneficiary, including their legal name, social security number, date of birth, and relationship to you.
  • Don't submit copies of your will or trust document with the form, as these will not be accepted.
  • Don't use vague terms like “as per will” or “as per trust” when designating beneficiaries, as these designations will be considered invalid.

By following these guidelines, you can help ensure that your beneficiary designations are processed smoothly and accurately. Taking the time to fill out the form correctly can prevent complications for your loved ones in the future.

Misconceptions

  • All fields on the form are mandatory. Many people believe that every field on the Lynch Beneficiary Designation form must be filled out. However, while some fields are required, others are optional. Providing as much information as possible is recommended to help identify beneficiaries, but not all fields need to be completed.
  • Only individuals can be named as beneficiaries. Another common misconception is that only individuals can be designated as beneficiaries. In reality, you can name entities such as trusts or estates as beneficiaries, which can help in estate planning.
  • Designations can be made verbally. Some individuals think they can simply tell their advisor about their beneficiary preferences. However, designations must be documented on the form to be valid. Verbal instructions are not sufficient.
  • Beneficiary designations are permanent. Many assume that once a beneficiary is designated, it cannot be changed. In fact, you can change your beneficiary designation at any time. The new designation will take effect only when it is received and accepted by Merrill.
  • “As per will” is an acceptable designation. Some people believe they can indicate “as per will” or “as per trust” on the form. This is incorrect. Such designations are considered invalid and must be explicitly stated on the form.
  • All beneficiaries must be of the same relationship type. It is a common misunderstanding that all beneficiaries must share the same relationship to the account holder. You can designate a mix of individuals and entities, as long as the total percentages equal 100%.
  • Customizations to the form are automatically accepted. Some individuals think they can make any alterations to the form, such as adding notes or changing sections. Customizations must be submitted on a separate page and reviewed for compatibility with Merrill’s requirements.

Key takeaways

Key Takeaways for the Lynch Beneficiary Designation Form:

  • Use one form per client. If you have multiple clients, each must complete a separate form.
  • Complete all sections thoroughly. Provide as much information as possible to help identify your beneficiaries after your death.
  • Designating beneficiaries can have significant tax implications. Consult with an attorney or tax advisor before finalizing your designations.
  • Changes to your beneficiary designations can be made at any time, but they only take effect once Merrill accepts the updated form.
  • Ensure that the total percentages for primary and contingent beneficiaries equal 100%. Any discrepancies may lead to complications in distribution.