Get The Purpose Of This Form Is To Update, Add, Or Change A Beneficiary Designation To Your Life

spouse, partner, children, parents, brothers and sisters, business partner, key employee, trust and charitable organization.

Percentages for each category must total 100% and must be whole numbers, such as 33%, not 33.33% or 1/3. If you do not indicate a percentage, the benefit will be evenly divided. Only complete section if you are naming a trust as your beneficiary.

Write only one beneficiary on each line. Make sure that you write the full names of all beneficiaries. For example, if you name you children as beneficiaries, DO NOT merely write “children” on one of the lines; instead write the full names of each of your children on separate lines.

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The beneficiary designation forms allow you to name primary and secondary beneficiaries. Your “primary beneficiaries” are the first people or entities that you want to receive your benefit after you die.

The policy owner is the only person who can change the beneficiary designation in most cases. If you have an irrevocable beneficiary or live in a community property state you need approval to make policy changes. A power of attorney can give someone else the ability to change your beneficiaries.

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established.

If you get married or divorced, or have children or other life changes, standard sequence will follow those life changes. If you never file a beneficiary designation, your benefit will be paid ing to standard sequence at the time of your death.