Truist Beneficiary Form: A Step-By-Step Guide

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Naming beneficiaries for your Truist accounts is an essential step in ensuring that your assets are distributed according to your wishes after you pass away. A Truist beneficiary form allows you to designate individuals or organizations to receive the proceeds of your accounts, such as retirement accounts, life insurance policies, and annuities. In this article, we will provide a step-by-step guide on how to complete a Truist beneficiary form.

Why is a Truist Beneficiary Form Important?

A Truist beneficiary form is crucial because it allows you to control who receives your assets after your death. Without a beneficiary designation, your assets may be distributed according to state law, which may not align with your wishes. By completing a beneficiary form, you can ensure that your loved ones receive the assets you intend for them to have.

Benefits of a Truist Beneficiary Form

There are several benefits to completing a Truist beneficiary form:

• Ensures that your assets are distributed according to your wishes
• Avoids probate, which can be a lengthy and costly process
• Provides tax benefits, such as avoiding estate taxes
• Allows you to designate multiple beneficiaries and specify the percentage of assets each beneficiary will receive

How to Complete a Truist Beneficiary Form

Completing a Truist beneficiary form is a straightforward process. Here are the steps to follow:

Step 1: Gather Information

Before you start completing the form, make sure you have the following information:

• Your account information, including account numbers and types
• The names and addresses of your beneficiaries
• The Social Security numbers or tax identification numbers of your beneficiaries
• The percentage of assets you want each beneficiary to receive

Step 2: Obtain the Form

You can obtain a Truist beneficiary form by:

• Contacting a Truist representative
• Visiting the Truist website
• Visiting a local Truist branch

Step 3: Complete the Form

Once you have the form, follow these steps:

• Fill in your account information
• List your beneficiaries, including their names, addresses, and Social Security numbers or tax identification numbers
• Specify the percentage of assets you want each beneficiary to receive
• Sign and date the form

Types of Beneficiaries

There are several types of beneficiaries you can designate on a Truist beneficiary form:

Primary Beneficiaries

Primary beneficiaries are the individuals or organizations that will receive the assets in your account if you pass away.

Contingent Beneficiaries

Contingent beneficiaries are the individuals or organizations that will receive the assets in your account if the primary beneficiary predeceases you.

Trust Beneficiaries

Trust beneficiaries are the individuals or organizations that will receive the assets in your account if you have established a trust.

Common Mistakes to Avoid

When completing a Truist beneficiary form, there are several common mistakes to avoid:

Failing to Update Beneficiaries

Failing to update your beneficiaries after a divorce, marriage, or death can result in your assets being distributed to the wrong individuals.

Not Specifying Percentages

Not specifying the percentage of assets you want each beneficiary to receive can result in confusion and disputes.

Not Signing and Dating the Form

Not signing and dating the form can result in the form being invalid.

Conclusion

Completing a Truist beneficiary form is an essential step in ensuring that your assets are distributed according to your wishes after you pass away. By following the steps outlined in this article, you can ensure that your loved ones receive the assets you intend for them to have. Remember to avoid common mistakes, such as failing to update beneficiaries and not specifying percentages.

We encourage you to share this article with your loved ones and take the necessary steps to complete a Truist beneficiary form today.