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Beneficiary Designation Form

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Beneficiary Designation Form

Beneficiary Designation Form

Published Feb 12, 2026

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A Beneficiary Designation Form is a legal instrument specifying the recipients of assets from financial accounts or insurance policies upon the holder's death.

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BENEFICIARY DESIGNATION FORM

I. ACCOUNT HOLDER INFORMATION

The Account Holder:
Name:
Social Security Number:
Date of Birth:
Phone Number:
Email Address:
Address:

II. ACCOUNT OR POLICY DETAILS

This Beneficiary Designation applies to the following account, policy, or plan (the "Account"):

Name of Financial Institution/Insurer/Plan Administrator:
Account or Policy Number:

Type of Account (Check one):

Life Insurance Policy

401(k) / Retirement Plan

Individual Retirement Account (IRA)

Checking / Savings Account (Payable on Death)

Brokerage Account (Transfer on Death)

Health Savings Account (HSA)

Other

Specify Other:

III. DESIGNATION OF PRIMARY BENEFICIARY(IES)

I hereby designate the individual(s) or entity(ies) listed below as my Primary Beneficiary(ies) to receive the proceeds, assets, or benefits of the Account upon my death. If more than one Primary Beneficiary is named, the proceeds shall be distributed equally unless specific percentages are indicated. The total percentage must equal 100%.

Primary Beneficiary 1
Name:
Relationship:
Social Security / Tax ID Number:
Date of Birth / Incorporation:
Address:
Percentage of Share: %

Add Primary Beneficiary 2

Primary Beneficiary 2
Name:
Relationship:
Social Security / Tax ID Number:
Date of Birth / Incorporation:
Address:
Percentage of Share: %

Add Primary Beneficiary 3

Primary Beneficiary 3
Name:
Relationship:
Social Security / Tax ID Number:
Date of Birth / Incorporation:
Address:
Percentage of Share: %

IV. DESIGNATION OF CONTINGENT BENEFICIARY(IES)

I hereby designate the individual(s) or entity(ies) listed below as my Contingent (Secondary) Beneficiary(ies). The Contingent Beneficiary(ies) shall only receive proceeds if ALL Primary Beneficiaries predecease me.

Contingent Beneficiary 1
Name:
Relationship:
Social Security / Tax ID Number:
Date of Birth / Incorporation:
Address:
Percentage of Share: %

Add Contingent Beneficiary 2

Contingent Beneficiary 2
Name:
Relationship:
Social Security / Tax ID Number:
Date of Birth / Incorporation:
Address:
Percentage of Share: %

V. SPOUSAL CONSENT

*Note: This section is required if the Account Holder is married and resides in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, WI) or if this is an ERISA-governed plan, and the Account Holder names someone other than their spouse as the sole Primary Beneficiary.*

Marital Status of Account Holder (Check one):

Single / Widowed / Divorced

Married

I, the undersigned spouse of the Account Holder, hereby consent to the beneficiary designation(s) set forth in this document. I relinquish any community property interest or other rights I may have in the Account to the extent necessary to give effect to this designation.

The Spouse:
Name:

Signature: _________________________
Print Name: _______________
Date:

VI. TERMS AND CONDITIONS

1. Revocation of Prior Designations.
By signing this form, I hereby revoke any and all prior beneficiary designations made by me for the Account specified in Section II. This designation supersedes all previous instructions.

2. Per Stirpes vs. Per Capita.
Unless explicitly stated otherwise in the "Special Instructions" section below, if a named beneficiary predeceases the Account Holder, their share shall be distributed per capita to the remaining beneficiaries in that class (Primary or Contingent). If no beneficiaries in a class survive, the proceeds shall pass to the next class or the Account Holder's estate.

3. Minors.
If a beneficiary is a minor at the time of distribution, the proceeds may be held in a custodial account or trust until the minor reaches the age of majority, subject to applicable state laws and the policies of the Financial Institution/Insurer.

4. Governing Law.
This designation shall be governed by and construed in accordance with the laws of the State of: , without regard to its conflict of laws principles, or by federal law where applicable (e.g., ERISA).

5. Tax Consequences.
The Account Holder acknowledges that the transfer of assets upon death may have tax consequences. The Financial Institution/Insurer is not responsible for providing tax advice.

6. Severability.
If any provision of this document is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

7. Special Instructions.
Any specific instructions regarding the distribution of assets (e.g., specific per stirpes designations or trust details) are as follows:

VII. SIGNATURE AND AUTHORIZATION

I certify that I am the owner of the Account identified in Section II and that I have the legal capacity to execute this Beneficiary Designation Form. I understand that this designation will remain in effect until I submit a subsequent valid designation or until the Account is closed.

THE ACCOUNT HOLDER

Signature: _________________________
Print Name: _______________
Date:
Address: _______________

Include Witness Section?

WITNESSES (IF REQUIRED BY LAW)

*Note: Some states or specific plan types require witnesses for beneficiary changes. If unsure, it is recommended to have two independent witnesses sign.*

Witness 1
Signature: _________________________
Print Name:
Date:
Address:

Witness 2
Signature: _________________________
Print Name:
Date:
Address:

Include Notary Public Section?

NOTARY ACKNOWLEDGMENT

State of
County of

On this , before me, , a Notary Public in and for said State, personally appeared the above-named individual(s) who executed the foregoing instrument and acknowledged that they executed the same as their free act and deed.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal.

Notary Public Signature: _________________________
Print Name: _______________
My Commission Expires:

(Seal)

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What is a Beneficiary Designation Form?

A Beneficiary Designation Form is a legal document that permits an account holder to specify individuals or entities entitled to receive assets from a financial account, insurance policy, or retirement plan upon the holder's death. This instrument creates a direct contractual agreement between the owner and the plan administrator or financial institution, instructing them to transfer funds immediately to the named recipients. These documents typically govern assets such as 401(k)s, IRAs, life insurance proceeds, and payable-on-death (POD) bank accounts. The designation generally allows the specified assets to bypass the probate process, ensuring a faster distribution of wealth to heirs compared to assets distributed through a will.

Legal Authority and Validity

The legal power of a beneficiary designation stems from contract law rather than probate law. The document serves as a standing instruction to the custodian of the asset. A valid designation overrides instructions found in a Last Will and Testament regarding that specific asset. Courts consistently uphold that the most recent validly executed form on file with the plan administrator controls the distribution, regardless of conflicting provisions in a will or trust. Account holders must ensure the document meets all internal requirements of the financial institution, including proper signatures and witness attestations, to maintain its validity.

Types of Beneficiary Designations

Designations fall into specific categories based on the priority of the claim and the rights retained by the account holder. Common classifications include:

Primary Beneficiary Designation - Identifies the first individual or entity in line to receive the assets upon the account holder's death.
Contingent Beneficiary Designation - Names a secondary recipient who receives the assets only if the primary beneficiary predeceases the account holder.
Revocable Beneficiary Designation - Grants the account holder the right to change or cancel the beneficiary choice at any time without the consent of the named individual.
Irrevocable Beneficiary Designation - Prevents the account holder from changing the beneficiary or borrowing against the policy without the written consent of the named beneficiary.
Per Stirpes Designation - Directs that if a beneficiary dies before the account holder, their share passes to their lineal descendants rather than the other named beneficiaries.

Vehicle and Property Transfer Forms

Beneficiary designations extend beyond financial accounts to physical property in certain jurisdictions. State departments of motor vehicles often provide specific forms for vehicle transfers. Arizona residents, for instance, utilize the adot beneficiary designation form to establish a Transfer on Death (TOD) status for motor vehicles. This document allows the vehicle title to transfer to a named individual immediately upon the owner's death, avoiding probate court for that specific asset. Similar Transfer on Death deeds exist for real estate in many states, functioning on the same legal principle.

How to Complete a Beneficiary Designation Form

Proper completion of this document ensures the asset reaches the intended recipient without legal challenges. The process typically involves specific steps:

Step 1: Gather Recipient Information - Collect the full legal name, Social Security number, date of birth, and contact information for each proposed beneficiary.
Step 2: Determine Allocation Percentages - Decide how to divide the assets among primary beneficiaries, ensuring the total equals exactly 100 percent to avoid administrative delays.
Step 3: Review Beneficiary Designation Form Examples - Examine sample forms provided by the institution to understand how to properly articulate complex distribution requests, such as trusts or charities.
Step 4: Obtain Spousal Consent - Secure a spouse's notarized signature if the account is a retirement plan governed by federal law or if the account holder resides in a community property state.
Step 5: Submit and Confirm - File the document with the plan administrator and request written confirmation that the new designation has been accepted and recorded.

Federal and State Laws

Various statutes govern the validity, implementation, and restrictions of beneficiary designations across different jurisdictions and asset types:

Employee Retirement Income Security Act - Sets federal standards for private industry pension and health plans, requiring spousal consent for beneficiary changes on certain retirement accounts (29 U.S.C. § 1001 et seq.).
Uniform Probate Code - Establishes rules regarding the effect of divorce on beneficiary designations, often automatically revoking designations of a former spouse upon divorce entry (UPC § 2-804).
Uniform Transfers to Minors Act - Provides a mechanism for transferring property to a minor without a formal trust, often required when a minor is named as a beneficiary (varies by state adoption).
Community Property Laws - Mandates that a spouse has a legal interest in assets acquired during marriage, restricting the ability to name a non-spouse beneficiary without consent (State Statutes in AZ, CA, ID, LA, NV, NM, TX, WA, WI).
Simultaneous Death Act - Determines distribution when the insured and beneficiary die within a very short period of each other, typically treating the beneficiary as having predeceased the insured (Uniform Simultaneous Death Act).

Common Mistakes and Risks

Errors in drafting or maintaining these forms can lead to unintended consequences or litigation. Account holders often neglect to update forms after major life events such as marriage, divorce, or the birth of a child. Naming a minor child directly as a beneficiary often triggers court intervention to appoint a guardian for the funds, as minors cannot legally own substantial assets. Naming a deceased individual without a contingent beneficiary or a per stirpes designation causes the asset to revert to the estate, subjecting it to probate and creditor claims. Ambiguous descriptions, such as "my children," can cause confusion regarding stepchildren or adopted children if not explicitly defined.

FAQs

No, the beneficiary designation form generally takes precedence over a will. The asset is distributed according to the contract with the financial institution, regardless of conflicting instructions in the will.

Notarization requirements depend on the specific institution and the type of account. Retirement plans governed by federal law often require a notarized spousal waiver if the primary beneficiary is not the spouse.

Yes, but it is legally complex because minors cannot directly control substantial assets. Establishing a trust for the minor or utilizing the Uniform Transfers to Minors Act serves as a more effective method for leaving assets to children.

Assets without a named beneficiary typically revert to the deceased person's estate. These assets must then go through the probate process and are distributed according to the will or state intestacy laws.

Reviewing these documents every three to five years or immediately following major life events is advisable. Events such as marriage, divorce, the death of a loved one, or the birth of a child necessitate an immediate review.

A contingent beneficiary is a person or entity named to receive assets only if the primary beneficiary is deceased at the time of the account holder's death. Naming a contingent beneficiary prevents assets from transferring to the estate if the primary choice is unavailable.

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