Beneficiary Designation Form Template

What Is the Beneficiary Designation Form?

A beneficiary designation form legally names the individuals or entities who will receive specific assets when you die. These designations control retirement accounts, life insurance policies, bank accounts, brokerage accounts, and annuities. Unlike assets distributed through your will, beneficiary designations transfer directly to your named beneficiaries without probate, providing faster access to funds and avoiding court supervision.

This template provides comprehensive options for primary and contingent beneficiaries, multiple distribution methods if a beneficiary predeceases you, specific provisions for minor beneficiaries, and required spousal consent sections for ERISA retirement accounts. The form is designed to work with any financial institution while giving you maximum control over how your assets pass to your heirs.

 

 

Is This Beneficiary Designation Form Right for You?

You need this form if you're:

• Naming beneficiaries for retirement accounts or life insurance
• Establishing who inherits bank or brokerage accounts
• Married and naming someone other than your spouse
• Designating beneficiaries who might be minors when you die
• Setting up contingent beneficiaries to avoid probate
• Updating beneficiaries after divorce or remarriage

You definitely need this form if:

• Your current beneficiary designations are outdated or incorrect
• You've never formally designated beneficiaries for your accounts
• You're naming someone other than your spouse for a 401(k)
• Your beneficiaries have changed due to death or divorce
• You want control over how assets pass if beneficiaries predecease you

 

Why Thousands Trust Legal GPS Templates

Save Money: Attorney review of beneficiary designations costs $200-500. This template costs $35.

Save Time: Complete your designations in 30 minutes instead of scheduling appointments and waiting weeks.

Look Professional: Submit a comprehensive, attorney-quality form that addresses spousal consent, minor beneficiaries, and contingent designations.

Keeps You Out of Court: Proper beneficiary designations avoid probate entirely through the Survival Requirement provisions, Special Provisions for Minor Beneficiaries, and comprehensive Primary and Contingent Beneficiary Designations.

 

 

 

Get Protected in 3 Simple Steps

Step 1: Secure Checkout

Complete your purchase through our secure payment system. Receive instant access to your beneficiary designation form template.

Step 2: Instant Download

Download your template immediately after purchase. Open it in Microsoft Word, Google Docs, or any word processor.

Step 3: Fill In the Highlighted Fields

Complete the beneficiary information, choose your distribution methods, and sign before witnesses or a notary. Submit to your financial institutions.

 

Frequently Asked Questions

Can I use this template multiple times?

Yes. Use this template for multiple accounts and assets. Complete a separate form for each financial institution or account type. You can reuse the template whenever you need to update beneficiary designations.

Is this form legally binding?

Yes, when properly completed and submitted to your financial institution. Financial institutions are legally required to distribute assets according to valid beneficiary designations on file. The form includes all provisions required by federal law for ERISA retirement accounts.

Do I need my spouse's permission to change beneficiaries?

For ERISA retirement accounts (most 401(k) plans), yes. Your spouse must sign the notarized consent section if you name someone other than your spouse as primary beneficiary. For IRAs and most other accounts, spousal consent is not federally required, though some states impose their own requirements.

What happens if I don't name contingent beneficiaries?

If all primary beneficiaries predecease you and you haven't named contingent beneficiaries, the asset typically passes to your estate and goes through probate. This creates delays, court costs, and potential income tax acceleration for retirement accounts. Always name contingent beneficiaries.

Can I name a trust as beneficiary?

Yes. You can name a trust as either a primary or contingent beneficiary. List the trust's formal name and date of establishment. Naming a trust as beneficiary is common for substantial assets where you want ongoing management and control beyond direct distribution.

How often should I update my beneficiary designations?

Review beneficiary designations every two to three years and immediately after major life events including marriage, divorce, birth of children, death of a beneficiary, or significant changes in financial circumstances. Many people discover their beneficiary designations are decades out of date.