Yes! You can use AI to fill out Empower Beneficiary Recordkeeping Form

Married participants often designate someone other than their spouse as the primary beneficiary without obtaining a signed and notarized spousal waiver. This critical error can invalidate the entire designation, causing the assets to legally default to the spouse per plan rules, directly overriding the participant's stated wishes. To avoid this, carefully read the spousal consent section and obtain a notarized signature from your spouse if required. AI-powered tools like Instafill.ai can flag these requirements based on your marital status to ensure you don't miss this step.

Participants sometimes miscalculate beneficiary percentages, with allocations that do not add up to 100% for the primary or contingent groups. This ambiguity forces the plan administrator to follow default rules, which may not align with the participant's intent, and can lead to disputes. Always double-check that the shares for each beneficiary group (primary and contingent) add up to exactly 100%. Using a digital form filler like Instafill.ai can prevent this by automatically calculating totals and flagging discrepancies.

People often provide partial information, like a nickname instead of a full legal name, or omit a Social Security Number, date of birth, or current address. This makes it difficult for the plan administrator to locate and verify the beneficiary, causing significant delays and complications in paying out the death benefit. Always provide the full, accurate legal name and all requested identifying information for each beneficiary. Advanced form-filling tools can auto-populate saved beneficiary data and validate formats to ensure completeness.

A very common oversight is failing to submit a new beneficiary form after a marriage, divorce, death of a beneficiary, or birth of a child. The most recent designation on file legally supersedes all previous ones, which can result in assets unintentionally going to an ex-spouse or excluding a new family member. It is crucial to review and update your beneficiary designations immediately following any major life change to ensure they reflect your current wishes.

This error occurs when participants fail to grasp that contingent beneficiaries only inherit if all primary beneficiaries are deceased or disclaim the assets. They might list the same people in both sections or not name a contingent beneficiary at all. This can lead to unintended inheritance outcomes or cause the assets to go through the lengthy probate process if the primary beneficiary is unable to inherit. Clearly designate your first choice(s) as 'Primary' and your backup choice(s) as 'Contingent'.

Many people mistakenly believe their will dictates how all their assets are distributed, but retirement plan beneficiary designations are contractual and supersede a will. This means the person named on the form will receive the assets, regardless of what the will says, potentially causing family conflict and legal challenges. To avoid this, ensure your beneficiary form is always up-to-date and aligns with your overall estate plan.

When naming a trust as a beneficiary, participants may only list its common name and forget to include the full legal name, date of establishment, and Taxpayer Identification Number (TIN). This incomplete information can cause the designation to be rejected as not 'in good order,' creating major legal and tax complications for the estate. Ensure you provide all required details exactly as they appear on the official trust documents.

A form is not considered 'in good order' if it lacks the participant's signature or, when spousal consent is needed, a properly executed notary seal and signature. This simple oversight renders the entire designation invalid, meaning the previous designation or the plan's default rules remain in effect. Always review the form one last time to ensure all required signature and notary fields are completed before submission. If the form is a non-fillable PDF, tools like Instafill.ai can convert it to a fillable version, making it easier to complete all required fields.

Naming a minor child directly as a beneficiary without appointing a custodian can create legal hurdles, often requiring a court to appoint a guardian to manage the funds. This is a costly and time-consuming process that delays the child's access to the assets. To avoid this, you should designate an adult custodian for the minor under your state's Uniform Transfers to Minors Act (UTMA) or establish a trust for the child's benefit.

Participants often focus only on their primary beneficiary and neglect to name a contingent (secondary) one. If the primary beneficiary predeceases the participant or disclaims the inheritance, and no contingent is named, the assets may go to the participant's estate. This forces the assets through the public, lengthy, and often expensive probate process. Naming at least one contingent beneficiary provides a clear backup plan and helps the assets avoid probate.