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Widow/ Widower City, State, Zip Code Status D ivorced Full-Time Faculty Adjunct Faculty Full-Time Staff Married Part-Time Staff Hourly SECTION B: B ENEFITS PAYABLE This Beneficiary Designation applies to benefits payable by Austin Community College District. Check all that apply: Lump Sum Vacation and/or Sick Leave Salaries Due/Reimbursable Expenses SECTION C: PRIMARY BENEFICIARY(IES) Pay benefits to the named beneficiary(ies) as follows: Pay the person listed (100%).
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Prohibited FAQ
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A life insurance beneficiary is the person or entity that will receive the money from your policy's death benefit when you pass away. When you purchase a life insurance policy, you choose the beneficiary of the policy.
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If your beneficiary is a trust, you must enter the name of the trust. You should also provide the date of the trust and the trustee's name, address, and the trust's taxpayer identification number. If your beneficiary is a charity or other entity, you must enter the name and address.
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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.
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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.
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The beneficiary designation form is an estate planning tool that ensures assets are passed to the correct person(s) or organization(s) after a person's death. Beneficiary designations are not only important, but essential for individual legacies and business entities that act as plan sponsors for their employees.
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Write the names of the main individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one. All secondary beneficiaries listed will receive EQUAL SHARES (equal amounts) of your benefit if ALL of the primary beneficiaries are deceased.
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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.
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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.
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