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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 owners 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.
A beneficiary is any individual or entity who receives some portion of an inherited estate. A designated beneficiary refers to a specific person or entity named and documented by the owner of the estate before their death.
A per stirpes designation means that if a named beneficiary dies before the Insured dies, the children of the named beneficiary are entitled to the benefits, or the grandchildren of the named beneficiary if the children arent alive, or the great-grandchildren of the named beneficiary if the grandchildren arent alive,
directly to the named beneficiary; never fall into or form part of the estate of the deceased and are never controlled by the executor or estate trustee; are not governed by the will; and, do not require probate, and no Estate Administration Tax is payable on the value.
A beneficiary designation is for one asset. Beneficiary designations apply to specific accounts and products, including life insurance policies, annuities, brokerage and retirement accounts. Meanwhile, your will describes your entire estate, including assets with designated beneficiaries.

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Designated Beneficiary Plan is the term Schwab uses to refer to its Plan enabling clients to name beneficiaries on their Pledged Accounts. Such beneficiary arrangement is also referred to as Transfer on Death (TOD) in the securities industry and Payable on Death )POD) in the banking industry.
Designated beneficiaries can include a survivor who has not been named as a successor holder, former spouses or common-law partners, children, a designated subsequent survivor holder who is the new spouse or common-law partner of the successor holder, and qualified donees.
Complete the Request for Change of Beneficiary form by listing the full given name for each person being named. Indicate their address, social security number, date of birth, and relationship to the insured person.

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