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The Wells Fargo Checking Beneficiary form is a crucial document for anyone looking to designate beneficiaries for their checking account. Completing this form ensures that your assets are distributed according to your wishes in the event of your passing. Participants must fill out the form using a black ink pen and return it to Wells Fargo, as outlined in the instructions. The form requires essential information, including the participant's name, Social Security number, and details about the primary and contingent beneficiaries. Each beneficiary's name, relationship to the participant, and current address must be clearly listed. Additionally, it's important to note that any previous designations will be revoked upon submission of this new form. The general provisions on the reverse side provide important guidelines on how benefits will be distributed, including the establishment of separate accounts for each beneficiary upon the participant’s death. Understanding these provisions is vital, as they dictate how the death benefit will be shared among beneficiaries. Furthermore, participants retain the right to change their beneficiary designations at any time, ensuring flexibility in managing their estate planning. Overall, this form serves as a key tool for ensuring that your financial legacy is handled according to your preferences.
Preview - Wells Fargo Checking Beneficiary Form
Designation of Transfer on Death (TOD) Beneficiary
Complete this form to establish or change the TOD beneficiary designation on your Wells Fargo Advantage Funds® account. Note: Only accounts registered as individual, joint tenant (with rights of survivorship or tenants by the entirety) may designate a TOD beneficiary. Do not list any IRAs on this form. If you have questions, call
1 A C C O U N T I N F O R M AT I O N ( P L E A S E P R I N T )
P. O. Box 8266 | Boston, MA 02266 wellsfargo.com/advantagefunds
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Update my existing Wells Fargo Advantage Funds account(s). List the fund and account number(s) below.
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Update my new Wells Fargo Advantage Funds account(s). List the fund name(s) below and submit this form with your New Account Application.
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2P R I M A R Y B E N E F I C I A R Y ( I E S )
Primary beneiciary:
Individual(s) or entity(ies) who will receive the funds upon the death of all account owners.
To name additional primary beneficiaries, include all information in this section on a separate sheet.
Beneficiary(ies) must be designated by name and the sum of the percentages for all primary beneficiaries must equal 100%. Unless noted, we will assume equal distribution among primary beneficiaries. To establish designations of lineal descendants or lineal descendants per stirpes, print the designation next to the name of each primary beneficiary (consult with your estate planning attorney before indicating this option).
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3S E C O N D A R Y B E N E F I C I A R Y ( I E S )
Secondary beneiciary:
Individual(s) or entity(ies) who will receive the funds upon the death of all account owners if all primary beneficiaries predeceased all account owners.
To name additional secondary beneficiaries, include all information in this section on a separate sheet.
Beneficiary(ies) must be designated by name and the sum of the percentages for all secondary beneficiaries must equal 100%. Unless noted, we will assume equal distribution among secondary beneficiaries. To establish designations of lineal descendants or lineal descendants per stirpes, print the designation next to the name of each secondary beneficiary (consult with your estate planning attorney before indicating this option).
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TOD
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206095 11-11
4S I G N AT U R E ( S )
All account owners must sign and date this form
to complete this request.
I understand that this TOD beneficiary designation shall replace any previous TOD beneficiary designation(s) I have made for the Wells Fargo Advantage Funds accounts listed in section 1 of this form. I acknowledge that this designation is effective upon receipt in good order by the fund’s transfer agent and will remain in effect until I deliver written notice of a change or revocation of beneficiary(ies) to the fund’s transfer agent. I agree to be bound by the Boston Financial Data Services (BFDS) TOD Rules, which BFDS may amend from time to time or may be altered, modified, or supplemented by Wells Fargo Advantage Funds. I further understand that Wells Fargo Advantage Funds reserves the right, at any time without prior notice, to suspend, limit, modify, or terminate the TOD registration.
I, my successors and assigns, do hereby agree to indemnify and hold harmless Wells Fargo Advantage Funds, Wells Fargo Funds Management, LLC, their affiliates, and
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5T R A N S F E R O N D E AT H ( T O D ) L I M I TAT I O N S A N D M O D I F I C AT I O N S
TOD registrations are governed by the fund’s transfer agent, BFDS TOD Rules, except as altered, modified, or supplemented by Wells Fargo Advantage Funds. The phrase “Subject to BFDS TOD Rules” in an account registration shall incorporate the modifications adopted by Wells Fargo Advantage Funds. The following guidelines are currently in effect:
1.The TOD registration requested on this application complies with the applicable laws of the state of Massachusetts. If there is a dispute regarding the right of a TOD beneficiary to receive assets pursuant to this TOD registration, Wells Fargo Advantage Funds cannot assure you that the party or court hearing the dispute will apply Massachusetts law when making its determination.
2.The designation Payable on Death (POD) may be substituted for TOD at the account owner’s request.
3.Beneficiary designations will only apply to the account(s) as designated in section 1 of this form and any new accounts established by subsequent exchange from one of the designated TOD beneficiary accounts. In the event that a named primary beneficiary predeceases all account owners, the deceased beneficiary’s designated portion of the account will be allocated among the surviving primary beneficiaries on a pro rata basis, except for designations of lineal descendants or lineal descendants per stirpes. If all primary beneficiaries predecease all account owners, and lineal descendants or lineal descendants per stirpes were not designated, then the assets will be allocated among the designated secondary beneficiaries.
4.You can change your designation of beneficiary at any time by:
a.submitting a new Designation of Transfer on Death (TOD) Beneficiary form;
b.submitting a letter of instruction detailing the same information requested on this form; or
c.submitting a letter of instruction to revoke the beneficiary designation.
5.A TOD registration may not be changed or revoked by will, codicil, or telephone conversation.
6.A custodian under the Uniform Gift to Minors Act (UGMA) may not be designated as a beneficiary because the UGMA applies only to gifts made during the lifetime of the donor. A custodian under the Uniform Transfer to Minors Act (UTMA) may be designated
as a beneficiary.
7.In the event of divorce and a former spouse is a designated beneficiary at the time of death of the account owner, applicable state law may dictate that this designation is automatically revoked unless the designation was made after the divorce.
8.The legend “Subject to BFDS TOD Rules” must appear in the account registration at all times. For example:
John H. Smith & Mary M. Smith JT Ten Subject to BFDS TOD Rules Address
City, State ZIP
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
Document Specifics
| Fact Name | Description |
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| Form Submission | Participants must complete the form using a black ink pen and return it to Wells Fargo at the specified address. |
| Beneficiary Designation | Participants can designate multiple primary and contingent beneficiaries, but all fields must be filled out to avoid return of the form. |
| General Provisions | The form is subject to general provisions that outline how benefits are distributed upon the participant's death. |
| Change of Beneficiary | Participants can change their designated beneficiaries at any time without needing consent, except for spousal consent when applicable. |
| Governing Law | This form and its provisions are governed by the terms of the Plan, which can be amended by the Employer without notice. |
Wells Fargo Checking Beneficiary: Usage Instruction
Completing the Wells Fargo Checking Beneficiary form is an important step in ensuring your wishes are honored. Follow these steps carefully to fill out the form accurately. Once submitted, it will be processed, and you will receive confirmation of your designated beneficiaries.
- Use a black ink pen to fill out the form.
- Write the name of the Plan at the top of the form: Employee Stock Purchase Plan (LPS1).
- Enter your name as the Participant.
- Provide your Social Security Number.
- Indicate that you revoke any previous Designation of Beneficiary by checking the appropriate box.
- List the Primary Beneficiaries: For each beneficiary, fill in the following details:
- Name
- Social Security Number
- Date of Birth
- Relationship to you
- Current Address
- Percentage share (make sure the total equals 100%)
- List the Contingent Beneficiaries in the same manner as the Primary Beneficiaries.
- Sign the form at the bottom as the Participant.
- Review the General Provisions on the reverse side of the form for important information.
- Mail the completed form to the address provided or fax it to the designated number.
Learn More on Wells Fargo Checking Beneficiary
What is the purpose of the Wells Fargo Checking Beneficiary form?
The Wells Fargo Checking Beneficiary form is designed to allow account holders to designate individuals who will receive their account balance upon their death. This ensures that the funds are distributed according to the account holder's wishes, providing clarity and reducing potential disputes among heirs.
How do I complete the Designation of Beneficiary form?
To complete the form, use a black ink pen and fill in all required fields. You will need to provide your name, Social Security number, and the names, Social Security numbers, dates of birth, relationships, and addresses of your beneficiaries. Ensure that you specify both primary and contingent beneficiaries, as incomplete forms will be returned.
What happens if I do not designate a beneficiary?
If no beneficiary is designated, or if all designated beneficiaries predecease you, the funds will be distributed according to the terms of the plan. This could lead to delays and potential complications in the distribution of your assets.
Can I change my designated beneficiaries after submitting the form?
Yes, you can change your designated beneficiaries at any time without needing consent from those you previously named, except for any required consent from a spouse. However, any changes will only take effect once they are filed with Wells Fargo before your death.
What if a beneficiary dies before receiving their benefit?
If a beneficiary is alive and eligible to receive a benefit at the time of your death but passes away before they can collect it, the remaining benefit will be paid to that beneficiary's estate. This ensures that the funds are still distributed, albeit to a different recipient.
How do I submit the completed form?
You can return the completed Designation of Beneficiary form by mailing it to Wells Fargo Shareowner Services at the provided address or by faxing it to the designated number. Make sure to keep a copy for your records.
What should I do if I have questions about the form or the process?
If you have any inquiries regarding the form or the beneficiary designation process, you can contact Wells Fargo Shareowner Services directly at the provided phone number. They can assist you with any concerns or clarifications you may need.
Common mistakes
Filling out the Wells Fargo Checking Beneficiary form may seem straightforward, but many individuals make common mistakes that can lead to complications later. One frequent error is not using a black ink pen as specified in the instructions. While it may seem trivial, using a different color can cause the form to be rejected, delaying the process of designating beneficiaries.
Another mistake is failing to complete all required fields for each beneficiary. The form clearly states that if any fields are left blank, it will be returned. This includes the name, social security number, date of birth, relationship, and current address of each beneficiary. Omitting even one detail can lead to unnecessary delays and confusion.
Many people also overlook the importance of designating both primary and contingent beneficiaries. By only listing primary beneficiaries, you risk leaving your estate in limbo if those individuals are unable to inherit. Contingent beneficiaries serve as a backup, ensuring that your assets are distributed according to your wishes even if the primary beneficiaries are unavailable.
Additionally, some individuals forget to sign the form. A signature is crucial for the form to be valid. Without it, the designation of beneficiaries cannot be executed, and the form will be deemed incomplete. Always double-check for your signature before submission.
Lastly, many fail to keep a copy of the completed form for their records. It’s essential to have documentation of your beneficiary designations in case any questions arise in the future. Keeping a copy ensures that you can refer back to your intentions and make any necessary updates as life circumstances change.
Documents used along the form
When designating a beneficiary for a Wells Fargo checking account, several additional forms and documents may be required or beneficial. Below is a list of common forms that may accompany the Wells Fargo Checking Beneficiary form, along with brief descriptions of each.
- Death Certificate: This official document verifies the death of the account holder and is often required to process beneficiary claims.
- Power of Attorney (POA): A legal document that grants another person the authority to act on behalf of the account holder, particularly useful if the account holder is incapacitated.
- Trust Documents: If the account holder has established a trust, these documents outline how assets, including bank accounts, should be managed and distributed.
- Change of Beneficiary Form: This form allows the account holder to update or revoke previously designated beneficiaries, ensuring that the most current wishes are reflected.
- Identification Documents: Valid identification, such as a driver’s license or passport, may be required to verify the identity of the beneficiary when claiming benefits.
- Account Statements: Recent statements may be necessary to confirm account details and balances for the beneficiary during the claims process.
- Tax Forms: Beneficiaries may need to complete certain tax forms to report any income received from the account, depending on the situation.
- Affidavit of Heirship: This document may be used in situations where there is no will, providing evidence of the relationship between the deceased and the beneficiary.
- Beneficiary Designation Change Request: A formal request to change the designated beneficiaries on the account, often requiring signatures from the account holder.
Understanding these documents can streamline the process of managing and distributing assets after the account holder's passing. It is advisable to consult with a legal professional to ensure all necessary forms are completed accurately and submitted promptly.
Similar forms
The Wells Fargo Checking Beneficiary form is similar to a Last Will and Testament in that both documents address the distribution of assets after an individual's death. A Last Will allows a person to specify how their property and assets should be distributed, appoint guardians for minor children, and name an executor to oversee the process. Like the beneficiary designation, a will requires clear identification of beneficiaries and can be modified at any time before death. Both documents serve to ensure that a person's wishes are honored, although a will typically goes through probate, while a beneficiary designation can allow for a more immediate transfer of assets.
Another document that resembles the Wells Fargo Checking Beneficiary form is a Payable on Death (POD) account designation. A POD designation allows account holders to name beneficiaries who will receive the funds in the account upon the account holder's death. This document simplifies the transfer process, similar to the beneficiary form, as it avoids probate. Both forms require the account holder to provide specific information about the beneficiaries and can be updated at any time, ensuring that the account holder's intentions are clearly communicated and followed after their passing.
The Life Insurance Beneficiary Designation form shares similarities with the Wells Fargo Checking Beneficiary form, as both serve to designate beneficiaries who will receive benefits upon the death of the policyholder or account holder. In life insurance, the policyholder names one or more beneficiaries to receive the death benefit, which can be a straightforward process. Like the Wells Fargo form, the life insurance beneficiary designation can be changed at any time and must be filed with the insurance company to be effective. Both documents emphasize the importance of clear communication regarding the intended recipients of the benefits.
Lastly, a Retirement Account Beneficiary Designation form is akin to the Wells Fargo Checking Beneficiary form. This document allows individuals to specify who will inherit their retirement assets, such as an IRA or 401(k), upon their death. The process for naming beneficiaries is similar, requiring the account holder to provide detailed information about the beneficiaries. Both forms ensure that assets are transferred directly to the designated beneficiaries without going through probate, making the transfer process more efficient. Additionally, both documents can be updated as life circumstances change, allowing for flexibility in estate planning.
Dos and Don'ts
When filling out the Wells Fargo Checking Beneficiary form, it's important to approach the task with care. Here’s a list of things you should and shouldn’t do:
- Do use a black ink pen to complete the form.
- Do read the General Provisions on the reverse side carefully before filling out the form.
- Do ensure all fields for each beneficiary are completely filled out.
- Do include the Social Security number of each beneficiary if required.
- Do return the form to the correct address provided on the form.
- Don't forget to sign the form after completing it.
- Don't leave any fields blank; incomplete forms will be returned.
- Don't assume that verbal instructions will suffice; written forms must be submitted.
- Don't designate a successor beneficiary, as this is not allowed.
By following these guidelines, you can help ensure that your beneficiary designation is processed smoothly and according to your wishes.
Misconceptions
Misconceptions about the Wells Fargo Checking Beneficiary form can lead to confusion regarding its use and implications. Below is a list of common misunderstandings:
- Beneficiaries must be family members. Many believe that only family members can be designated as beneficiaries. However, individuals can choose anyone, including friends or organizations.
- Only one primary beneficiary can be designated. Some think that only one primary beneficiary is allowed. In reality, multiple primary beneficiaries can be named, and their shares can be specified.
- Contingent beneficiaries are unnecessary. A common misconception is that contingent beneficiaries are not important. They play a crucial role in ensuring that benefits are distributed if primary beneficiaries do not survive the participant.
- Beneficiary designations are permanent. Many assume that once a beneficiary is designated, it cannot be changed. Participants can change their designations at any time, barring any required spousal consent.
- Beneficiaries can designate their own successors. Some people believe that beneficiaries can name their own successor beneficiaries. This is incorrect; beneficiaries cannot designate successors.
- The form does not need to be submitted promptly. A misconception exists that the form can be submitted at any time. It must be filed with Wells Fargo before the participant's death to be effective.
- All beneficiaries receive equal shares automatically. It is often assumed that all beneficiaries will receive equal shares. The participant can specify different percentages for each beneficiary.
- Beneficiary designations are the same as a will. Many confuse the beneficiary designation with a will. The designation specifically governs the distribution of benefits under the plan, separate from a will's provisions.
- A death certificate is not required. Some believe that a death certificate is not necessary for processing claims. However, a certified death certificate or acceptable proof of death is required.
- Wells Fargo can change beneficiary designations without notice. There is a misconception that Wells Fargo can alter beneficiary designations. Changes can only occur if the participant submits a new designation form.
Understanding these misconceptions can help individuals navigate the beneficiary designation process more effectively and ensure that their wishes are honored.
Key takeaways
Filling out the Wells Fargo Checking Beneficiary form is an important step in ensuring that your assets are distributed according to your wishes. Here are key takeaways to keep in mind:
- Use black ink pen: Always complete the form using a black ink pen. This ensures clarity and legibility.
- Read the General Provisions: Carefully review the General Provisions on the reverse side of the form. They contain important information that affects your designation.
- Complete all fields: Make sure to fill out every required field for each beneficiary. Incomplete forms will be returned, causing delays.
- Designate both primary and contingent beneficiaries: You can name primary beneficiaries who will receive benefits first, and contingent beneficiaries who will receive benefits if no primary beneficiaries survive you.
- Understand the distribution process: Benefits will be paid equally to surviving primary beneficiaries. If none survive, contingent beneficiaries will receive the benefits. If neither group survives, the benefits will follow the terms of the Plan.
- Submit the form timely: Ensure the form is filed with Wells Fargo before your death for it to be effective. Changes can be made at any time, but they must be submitted properly.
By following these guidelines, you can help ensure that your beneficiary designations are clear and effective, providing peace of mind for you and your loved ones.