Get Beneficiary Designation Form - Www3 Austincc

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.

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.

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.

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.

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.

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.

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.