Get Designation Of Beneficiaries Form - Alberta Pensions Services ...

By having a current beneficiary on all your accounts, you leave no doubt as to what you wish to be done with your hard-earned money or insurance proceeds. 2. It saves time. If you die and have not named a beneficiary, this will delay the transfer of whatever funds are in those accounts.

Unless a valid beneficiary designation is in effect at the time of death, benefits are paid to the closest surviving family members in the following order: Spouse or registered domestic partner. Children (natural or adopted) Parents.

If you decide to have more than one beneficiary, you will allocate a percentage of the death benefit for each, so that the total allocation equals 100%. A simple example of this would be allocating 50% to your partner, and 25% to each of your two children, for a total of 100%.

Most life insurance policies have a default order of payment if you do not name a beneficiary. For many individual policies, the death benefit will be paid to the owner of the policy if they are different than the insured person and still alive, otherwise it will be paid to the owner's estate.

You'll need to notify your pension provider about nominating a pension beneficiary. That way, your provider will know who you'd like your pension savings to go to after you've gone. You'll often need to fill out a death benefit nomination or expression of wish form to add a beneficiary.

This Designation of Beneficiary form is used to designate who is to receive a lump-sum payment which may become payable after your death. It does not affect the right of any person who is eligible for survivor annuity benefits.

You may designate any person, or a trust or organization, to receive your ordinary death benefit — it does not have to be a family member. You can designate two types of beneficiaries — primary and contingent. A primary beneficiary is the person who receives your death benefit.

You do not need to designate a beneficiary unless you want to name some person or persons not listed above or you want the payment to be made in a different order.