Get Designation Of Beneficiary - RBC Direct Investing

Anyone who will suffer financially by your loss is likely your first choice for a beneficiary. You can usually split the benefit among multiple beneficiaries as long as the total percentage of the proceeds equal 100 percent.

If the account is already open, it's usually easy to go to the bank in person and add one or more beneficiaries to the existing account. Make sure you have your photo ID and the beneficiary's information. Finally, you should not name a minor as a beneficiary for any bank account.

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.

Designate a family member or friend. This includes your spouse, domestic partner, child(ren), relatives, or friends. You don't need to be related to someone to name them as a beneficiary. However, if you're married, your spouse is usually entitled to the assets in your 401(k).

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. But, these designations should be reviewed periodically.

While banks do not require accounts to have named beneficiaries, it's very common for them to have what's known as a Payable on Death (POD) account. And the good news is, even if you have an existing bank account, it's easy to convert it into a POD account at any time.