Beneficiary Designation Form

A Beneficiary Designation Form is a legal document that allows an individual to specify who will receive certain assets, such as life insurance proceeds or retirement account balances, upon their death. The form typically requires the individual to provide the name, relationship, and contact information of the designated beneficiary or beneficiaries, as well as the percentage of the asset that each beneficiary will receive. The Beneficiary Designation Form is separate from a Will and supersedes any conflicting provisions in the Will. The form can be updated or changed at any time, as long as the individual has the mental capacity to do so. The Beneficiary Designation Form is an important tool for ensuring that certain assets are distributed according to the individual’s wishes and that their loved ones are provided for after their death.