Beneficiary Change Form – Fill Out and Use This PDF

Beneficiary Change Form PDF Details

A Beneficiary Change Form is one of the most important documents tied to your financial accounts. It tells your bank, insurer, or plan administrator exactly who should receive your assets after your death. Without an up-to-date form on file, your wishes may not be honored. Assets could even pass through probate, delaying distribution to your heirs.

Primary vs. Contingent Beneficiaries

A primary beneficiary receives your assets first. You can name more than one primary beneficiary. Each person receives a specified percentage of the account. Those percentages must add up to 100%.

A contingent beneficiary acts as a backup. This person only receives assets if the primary beneficiary cannot accept them. For example, if the primary beneficiary passes away before you, the contingent beneficiary inherits instead.

Both types of beneficiaries require accurate personal details. You will need each person's full legal name, date of birth, Social Security number, and their relationship to you.

When to Update Your Beneficiary Form

Financial experts recommend reviewing your beneficiary designations every few years. You should also update the form after major life events. Common reasons to file a new form include:

• Marriage or divorce
• Birth or adoption of a child
• Death of a named beneficiary
• Significant changes in your relationship with a named person

Updating the form is straightforward. Complete a new form with your updated beneficiary designations. Submit it to your plan administrator or insurance company. The new form replaces any previous one on file.

Company-Specific Versions

Different financial institutions use their own versions of the form. If you have a life insurance policy with Banner Life, use the Banner Life beneficiary change form. AIG policyholders should use the AIG beneficiary designation form. Bank account holders may need a Bank of America beneficiary form. Always check with your provider to confirm which form applies to your specific account type.

If you need a blank general template, you can also download a beneficiary form template. This version works for most standard accounts and policies when a company-specific form is not required.