When to use Change of Beneficiary Letter
A number of estate planning, retirement, insurance and employment benefits require individuals to name beneficiaries as part of their terms. Depending on the asset in question, an account or policyholder may be entitled to the benefits but a beneficiary must be named in case the account or policy holder is no longer in a position to receive the benefits of the asset when it becomes eligible for payout. Alternatively, some assets (including many estate planning documents) name beneficiaries in order to ensure that property is passed from the owner to a designated individual in the event of the property owner’s death or another “triggering” event. Most documents requiring a beneficiary designation are meant to be living documents. Practically speaking, a living document can be updated as often as the owner of the asset chooses. As a result, beneficiary designations may need to be changed from time to time. This letter will allow you to formally update your beneficiary designations in regards to your estate plan, accounts and/or insurance and retirement policies. You may also use this form if your original beneficiary’s name and/or contact information needs to be updated.
Please refer to our additional resources when you are ready to unfreeze or thaw your credit report. If you are unsure about when you should take this next critical step, do not hesitate to contact an attorney in order to gain clarity in regards to your situation.
Beneficiary Designation Form
Beneficiary Update Form
Request to Update Beneficiary