The Wells Fargo Checking Beneficiary form is a critical document that allows account holders to designate individuals or entities as beneficiaries to their accounts. This ensures that, in the event of the account holder's passing, the assets are distributed according to their wishes without the need for probate. It's essential to complete this form accurately and review the General Provisions on the reverse side to understand how the process works fully.
To ensure your assets are handled according to your wishes, click the button below to fill out your Wells Fargo Checking Beneficiary form today.
In the event of a holder’s passing, the Wells Fargo Checking Beneficiary Form plays a critical role in ensuring that assets are distributed according to the wishes of the deceased. With meticulous instructions for completion, the document requires participants to use black ink and submit it to the specified address or fax number provided by Wells Fargo. This form calls for the appointment of both primary and contingent beneficiaries, thereby outlining a clear pathway for the allocation of assets under the relevant plan, such as the Employee Stock Purchase Plan noted in the illustration. It mandates the revocation of any prior beneficiary designations, necessitating participants to fully update beneficiary details, including names, social security numbers, relationships, and the proportion of shares each beneficiary is entitled to. The form’s significance is heightened by its General Provisions, which detail the creation of separate accounts for beneficiaries upon the participant’s death, the distribution of benefits, and the absence of beneficiary rights to designate successors, emphasizing the strict regulation of asset distribution. Furthermore, it declares the plan administrator’s rights to amend terms without notice, underscoring the dynamic nature of such plans and the importance of keeping beneficiary designations current. The Wells Fargo Checking Beneficiary Form encapsulates a meticulous approach to ensuring one’s assets are accurately disseminated posthumously, highlighting the intersection of personal wishes and legal documentation.
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 1-800-222-8222. We are available 24 hours a day, 7 days a week.
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
Name of account owner (first, middle initial, last)
Social Security number
Name of joint account owner (first, middle initial, last)
Update my existing Wells Fargo Advantage Funds account(s). List the fund and account number(s) below.
Fund and account number
Update my new Wells Fargo Advantage Funds account(s). List the fund name(s) below and submit this form with your New Account Application.
Fund name
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).
Name of beneficiary (first, middle initial, last) or entity
Mailing address
City
State
ZIP code
Beneficiary’s Social Security/taxpayer ID number
%
Date of birth (mm/dd/yyyy)
Relationship
Percentage
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).
TOD 11-11
(Continued on next page.)
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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 subcontractors—as well as the officers, directors, employees, and agents of these entities—from and against any and all liabilities, claims, losses, and expenses (including reasonable attorneys’ fees) arising out of or in connection with the transfer upon my death of the balance in the account(s) referenced in section 1 to the beneficiary(ies) listed on this form.
7
Signature of account ownerPrint nameDate
Signature of joint account owner
Print name
Date
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.
Ensuring that your assets are distributed according to your wishes after you pass away is an important financial decision. The Wells Fargo Checking Beneficiary form allows account holders to designate beneficiaries who will receive the account's assets in the event of the account holder's death. Filling out this form with careful attention to detail is essential for ensuring that your assets are distributed as you intend. Follow these steps to complete the Wells Fargo Checking Beneficiary form accurately.
After submitting the form, Wells Fargo Shareowner Services will process the Designation of Beneficiary. This might take a few days to several weeks, depending on their current workload and the method of submission. Should additional information or clarification be required, Wells Fargo will reach out to you directly. It is advised to periodically review and, if necessary, update your Designation of Beneficiary to reflect any changes in your personal circumstances or wishes. This ensures that your assets are always aligned with your current intentions.
What is the purpose of the Wells Fargo Checking Beneficiary designation form?
This form allows a participant of a Wells Fargo plan, such as the Employee Stock Purchase Plan, to designate one or more beneficiaries who will receive proceeds from the plan in the event of the participant's death. By completing and returning this form, the participant revokes any previous beneficiary designations and sets new beneficiaries according to the preferences stated on this form.
How do I complete the Designation of Beneficiary form?
To complete the form, use a black ink pen and fill in all required fields for each beneficiary, including the primary and, if desired, contingent beneficiaries. These fields include the beneficiary's full name, social security number, date of birth, their relationship to you, their current address, and the percentage of the share they are to receive. If the form is not fully completed, it will be returned to you for completion.
Can I designate more than one beneficiary?
Yes, you can designate multiple beneficiaries. You may list more than one primary beneficiary and specify the share of proceeds each is to receive, ensuring the total percentage equals 100%. Additionally, you can list contingent beneficiaries who will receive the proceeds if no primary beneficiary survives you.
What happens if a designated beneficiary predeceases me?
If a designated beneficiary is not alive at the time of your death, or if they die before receiving their full benefit, the benefit initially intended for them will be distributed to their estate. If no primary beneficiary survives you, the entire death benefit goes to the contingent beneficiaries. If no contingent beneficiary survives you, the distribution follows the terms of the Plan.
Can a beneficiary further designate their successor?
No, beneficiaries cannot designate successors to receive their portion of the benefit. If a beneficiary is eligible but dies before the benefit is completely paid out, the remaining benefit will be paid to the deceased beneficiary’s estate.
How can I change my beneficiary designations?
You can change your beneficiary designations at any time without needing consent from any current beneficiaries (except for any required spousal consent). To make a change, you must complete a new Designation of Beneficiary form and submit it to Wells Fargo according to the provided instructions. Remember, the change won’t be effective unless it is filed with Wells Fargo prior to your death.
Where do I return the completed Designation of Beneficiary form?
Once completed, return the form to Wells Fargo Shareowner Services by mail at the address provided or by fax. The mailing address is P.O. Box 64856, South Saint Paul, MN 55164-0856, and the fax number is 866-729-7694. For additional inquiries, you can call Wells Fargo Shareowner Services at the provided telephone number.
Filling out the Wells Fargo Checking Beneficiary form can seem straightforward, but it's surprisingly easy to make mistakes that can complicate or delay your intentions being carried out. One common mistake is not using a black ink pen for the form. This specific requirement is there to ensure the document's legibility and authenticity, yet it's often overlooked. The blend of ink color might seem minor, but in the realm of official documentation, adherence to such details can be crucial.
Another error involves not fully filling out the beneficiary information. Each beneficiary field requires complete details, including social security number, date of birth, relationship, current address, and the share percentage. Sometimes, people leave one or more of these fields incomplete, not realizing that this oversight can lead to the form being returned and possibly delay the designation process. This kind of mistake underlines the importance of thoroughness when designating beneficiaries.
Furthermore, individuals sometimes mistakenly list more than 100% in combined share percentages for primary or contingent beneficiaries. The form explicitly states that the total share percentage must equal 100%. Overlooking this simple math can throw your entire plan off balance, necessitating revisions and re-submissions.
A subtler mistake is the failure to revoke previous designations. The form starts with a statement where the participant revokes any prior Designation of Beneficiary. Individuals who gloss over this section without understanding its significance might not realize they are nullifying earlier beneficiary designations, potentially leading to unintended consequences.
Many also neglect to read the General Provisions on the reverse side of the form. These provisions contain critical information about how the plan operates upon the participant's death, the handling of benefits, and restrictions on beneficiary designations. Ignorance of these provisions can lead to misunderstandings about how the beneficiary designations work.
Another frequent oversight is not updating the form after life changes, such as marriage, divorce, or the birth of a child. Life events can significantly affect one's intentions for designating beneficiaries, yet updates to the form are often deferred until it's too late.
A practical error involves forgetting to sign the form. A signature is the participant's final acknowledgment and confirmation of their beneficiary designations. Without it, the document is incomplete and legally unenforceable, yet this simple last step is sometimes skipped.
Not keeping a copy of the completed form for personal records is another common oversight. Having a personal record can serve as a reference in discussions with family members or financial advisors and is invaluable for verifying that your intentions are correctly documented with Wells Fargo.
Lastly, people often submit the form by mail or fax without calling the provided number for inquiries and verification. A quick discussion with a Wells Fargo Shareowner Services representative can clarify any doubts and ensure that the form is correctly filled out and processed. This final step can avoid many of the mistakes mentioned earlier.
When managing your financial matters, particularly with banking products like a Wells Fargo Checking Account, it's smart to prepare not just a Beneficiary Designation Form but also other relevant legal documents. These documents ensure that your financial and personal wishes are honored accurately and efficiently. Below is a list of forms and documents often used alongside the Wells Fargo Checking Beneficiary Form. Each plays a unique role in comprehensive financial planning and estate management.
Handling these forms responsibly requires a bit of time and thought, but it’s an essential part of making sure your affairs are in order. Each document serves its purpose, from directing the distribution of your assets to ensuring your healthcare wishes are carried out. By combining the Wells Fargo Checking Beneficiary Form with these critical documents, you create a solid foundation for managing your estate and financial future. Whether used for planning ahead or addressing current needs, these documents work together to provide peace of mind for you and your loved ones.
The Wells Fargo Checking Beneficiary Form is closely related to a Transfer on Death (TOD) Registration form. Both forms allow individuals to designate beneficiaries to receive assets upon their death, bypassing the probate process. The Transfer on Death form is often used for brokerage accounts, ensuring a smooth transition of investment assets to the named beneficiaries, similar to how the Wells Fargo form facilitates the transfer of checking account funds.
Life Insurance Beneficiary Designation Forms bear resemblance to the Wells Fargo form in principle. They both serve the purpose of instructing an entity on how to distribute assets upon the death of the account holder or policyholder. While Wells Fargo deals with banking assets, the life insurance form pertains to the payout of life insurance proceeds, allowing policyholders to specify recipients and their proportional shares.
A Payable on Death (POD) account form is another document with similarities, often used for bank accounts like savings or certificates of deposit. Like the Wells Fargo form, it enables account holders to name beneficiaries who will receive the funds in the account without going through probate. Both forms ensure a direct and hassle-free transfer of assets to the named individuals upon the account holder's demise.
Retirement Account Beneficiary Designation Forms, used for accounts like IRAs or 401(k)s, share the same basic function as the Wells Fargo Checking Beneficiary Form. These forms ensure that upon the account holder's death, the assets in these retirement accounts are distributed to the named beneficiaries. This process helps in avoiding probate and ensuring that the intended recipients receive the account benefits directly.
The Will or Last Testament is a more general document but shares a core intent with the Wells Fargo form. While a will can distribute a wide range of assets and include various instructions, the Wells Fargo form is specifically for the designation of beneficiaries for a checking account. Both are pivotal in estate planning, ensuring intentions for asset distribution are clear.
A Trust Instrument also parallels the Wells Fargo form in its estate planning role, especially in designating beneficiaries and asset distribution. Trusts can be more comprehensive, holding various assets for the benefit of the named individuals, while the Wells Fargo form is specific to checking account assets. Both are integral in bypassing the probate process, directly transferring assets to beneficiaries.
Advanced Healthcare Directive forms, although primarily focusing on healthcare decisions, share a commonality in the element of preparation for one's death. Similar to the Wells Fargo form, which prepares for the financial aspect of passing, these directives ensure that healthcare wishes are respected, emphasizing the importance of planning for all life's eventualities.
A Durable Power of Attorney for Finances allows an individual to appoint someone to manage their financial affairs, potentially including the management of their accounts. Like the Wells Fargo Checking Beneficiary Form, it's a tool for managing financial assets, ensuring they're handled according to the individual's wishes, especially in cases where they cannot do it themselves.
Lastly, the Uniform Transfers to Minors Act (UTMA) Custodial Account Designation Form, used to set up custodial accounts for minors, serves a similar purpose in ensuring financial assets are passed on. While UTMA accounts typically involve the transfer of assets to minors at a certain age, the Wells Fargo form directly designates beneficiaries, aiming to secure asset transfer upon death, showcasing another facet of thoughtful planning for asset distribution.
Completing the Wells Fargo Checking Beneficiary form accurately is crucial for ensuring that your assets are distributed according to your wishes after your passing. Below is a list of recommendations to help guide you through this important process.
By following these dos and don'ts, you can help ensure that your Wells Fargo Checking Beneficiary form is completed accurately and reflects your wishes. Remember, this form is an important legal document that can significantly impact the future financial well-being of your loved ones.
There are several misconceptions about the Wells Fargo Checking Beneficiary form that need to be clarified:
Understanding these key points can help ensure that you complete the Wells Fargo Checking Beneficiary form correctly and in accordance with your estate planning goals.
When dealing with a Wells Fargo Checking Beneficiary form, it’s crucial to understand the steps and stipulations involved to ensure your assets are distributed as you wish in the event of your passing. Here are six key takeaways:
Understanding these key points ensures you properly designate your beneficiaries, providing you peace of mind and securing the future distribution of your assets according to your wishes.
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