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ADP Prototype Plan Beneficiary Designation Form - 205 !!!-!!-!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Employee Name: *BENEF* Social Security #: Last, First, Middle Current Marital Status: or ! Single.

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Primary Beneficiaries Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.

A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.

Your primary beneficiary is the person or entity you select that is entitled to the policy's benefit upon your death. The Insurance Information Institute (III) recommends you also select a contingent beneficiary as next in line for the benefits in case your primary beneficiary cannot be found or dies.

General Instructions 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.

The "Standard Designation of Beneficiary" on the form directs your death benefits to your surviving next of kin. If you select the standard designation, you automatically provide for changes that occur in your family situation such as marriage, birth, divorce, or death. The standard designation is one of two options.

For example, if you name your three cousins as your primary beneficiaries, you can name the children of each cousin as alternate primary beneficiaries. Then, if one cousin dies before you do, their share will be divided between their children who are named as alternate primary beneficiaries.

A beneficiary designation is the act of naming the person who will inherit an asset in the event of the account owner's passing. Some common examples include life insurance policies and retirement accounts. When the account owner passes away, their assets are then transferred to the beneficiary that they designated.

10 tips about beneficiary designations Remember to name beneficiaries. ... Name both primary and contingent beneficiaries. ... Update for life events. ... Read the instructions. ... Coordinate with your will and trust. ... Think twice before naming individual beneficiaries for particular assets. ... Avoid naming your estate as beneficiary.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232