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The date of participant s death to the assigned beneficiary. In order for all the balance of the match funds to remain, the beneficiary must meet the IDA Program criteria. Therefore, if the designated beneficiary does not meet the criteria, all matched funds must either be obligated for a new participant or returned to the Office of Grants Management. I, , request that in the event of my death, the following person should receive the total balance in my.
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Beneficiary expectation from the program sample FAQ
A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.
You can designate one person to be the only primary beneficiary or split it between multiple people (1 @ 100%, 2 @ 50% each, 4 @ 25% each, etc.…). Normally if one of the primary beneficiaries dies then the assets are split evenly among the remaining primary beneficiaries.
If you're naming only one primary beneficiary, put 100% in the percent column. If you're naming more than one primary beneficiary, you must indicate what percentage each is to receive.
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.
However, if you wish to name a person or persons not included below, or name them in a different order, you will need to have a beneficiary form on file. If you do complete any beneficiary forms, it is your responsibility to keep them up-to-date to reflect your current wishes.
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%.
No matter how many primary beneficiaries you have, the total percentage allocated must equal 100%. How you divide that 100% is up to you, the policyholder.
Your beneficiaries will receive a single payment that includes the entire death benefit. Specific income payout. In this scenario, the death benefit will be placed by the insurer into an interest-bearing account, and beneficiaries receive monthly or annual payments of an amount they choose.
Form format in word Related content
Beneficiary Designation Form
BENEFICIARY DESIGNATION FORM. (Example Form) ... (Print Name of Facility) , hereby...
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