Legal Beneficiary Documents

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Commonly Asked Questions about Legal Beneficiary Documents

What are the different types of beneficiary designations?

Your beneficiary can be a person, a charity, a trust, or your estate. Almost any person can be named as a beneficiary, although your state of residence or the provider of your benefits may restrict who you can name as a beneficiary.

What is beneficiary documentation?

A designation of beneficiary form outlines your desire to have the funds due upon your death paid out in a particular way.

What accounts have beneficiary designations?

An account with a named beneficiary is a payable-on-death (POD) account. Your financial institution can give you a form for each account. The person you choose to inherit your account is a beneficiary. After your death, the account beneficiary can immediately claim ownership.

How do you identify beneficiaries?

They can be named in a Will or Trust, or as we noted earlier, identified on a policy or account. Contingent Beneficiary: A contingent beneficiary is named as the second in line to receive benefits.

What is the legal beneficiary name?

A named beneficiary is an individual, decreed by a written legal document, who is entitled to collect assets from a trust, insurance policy, pension plan account, IRA, or any other financial instrument. If a property has multiple named beneficiaries, they share in the proceeds at the time of disposition.

What types of legal documents on which you would find beneficiary designations include?

Common areas where you will see beneficiary designations are transfer on death or pay on death accounts, life insurance contracts, and retirement accounts. These types of assets will typically require you to designate a beneficiary when you open an account or sign a contract.

What information is needed for a beneficiary?

Most beneficiary designations will require you to provide a persons full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.