Yes! You can use AI to fill out Empower Financial Services, Inc. (EFSI) and Empower Advisory Group, LLC (EAG) Form CRS Customer Relationship Summary

Users often fail to assign percentages to their beneficiaries or make calculation errors, causing the total for primary or contingent beneficiaries not to equal 100%. This ambiguity can delay the processing of the form or, in a worst-case scenario, lead to disputes and legal challenges among heirs during the distribution of assets. To avoid this, carefully double-check that the percentages for each beneficiary group (Primary and Contingent) sum exactly to 100% before submitting the form. AI-powered tools like Instafill.ai can prevent this by automatically validating percentage totals as you fill out the form.

A married participant might name a child or another individual as the 100% primary beneficiary, overlooking the plan rule that requires the spouse to be the primary beneficiary unless they provide written consent. This is a critical error, as federal law (ERISA) and plan documents often grant spouses automatic rights to these assets. Without proper spousal consent, the designation can be legally voided, and the assets will be paid to the spouse, regardless of the participant's wishes. Always review plan rules and obtain notarized spousal consent if you are married and naming someone else as your primary beneficiary.

The Beneficiary Designation form explicitly marks the 'Relationship' field as required, but it is a commonly skipped checkbox. Failing to specify the beneficiary's relationship (e.g., Spouse, Child, Parent) will cause the form to be rejected and returned for clarification, as stated in the instructions. This delays the processing of your designation, leaving your account without an updated beneficiary on file until the correction is made. To prevent this, ensure you check the appropriate relationship box for every beneficiary you list.

Applicants frequently omit crucial identifying information for their beneficiaries, such as their full legal name, Social Security Number (SSN) or Taxpayer Identification Number (TIN), and date of birth. This information is vital for the financial institution to locate and positively identify the correct individual upon the account holder's death. Missing details can create significant delays and administrative burdens for your heirs, potentially requiring them to provide extensive documentation to prove their identity and claim the assets. Always gather and enter this complete information for each beneficiary.

When designating a trust, people often use an informal name like 'The Smith Family Trust' instead of the precise legal name and creation date as specified in the trust documents. This can create legal ambiguity and complications, as the designation may not be specific enough to be legally binding. The consequences can include delays in asset distribution or even litigation to determine the correct recipient. To avoid this, refer to your official trust documents and enter the full, formal name of the trust and the exact date it was established, as prompted by the form.

The IRA disclosure documents detail strict annual contribution limits set by the IRS, but individuals with multiple IRAs or those making contributions near the deadline can easily contribute more than the allowed amount. This mistake results in a 6% excise tax on the excess amount for every year it remains in the account. To avoid this penalty, track all contributions across all your IRAs and ensure you do not exceed the annual maximum. If an excess contribution occurs, it should be withdrawn, along with any earnings, before the tax filing deadline.

Retirees often forget or miscalculate their Required Minimum Distributions (RMDs), which must begin at a specific age as outlined in the IRA Custodial Agreement. The consequence of this oversight is severe: the IRS imposes a penalty tax of 25% (reducible to 10% if corrected promptly) on the amount that was not withdrawn. To prevent this costly error, set calendar reminders, calculate the RMD amount carefully each year, and consider setting up automatic withdrawals with your financial institution.

The participant information section requires the name to 'match the name on file with Service Provider,' but individuals may inadvertently use a nickname, a maiden name, or a recently changed married name that hasn't been updated in the system. This mismatch can cause the form to be rejected or create significant processing delays, as the system cannot verify the participant's identity. Always use your full legal name as it appears on your account statements and other official documents from Empower. AI-powered form fillers like Instafill.ai can help by populating fields with verified data, ensuring consistency.

The IRA disclosure statement outlines several complex rollover rules, such as the 60-day completion window and the limit of one IRA-to-IRA rollover per 12-month period. Misunderstanding or violating these rules can cause the entire distributed amount to become a taxable event, and it may also be subject to a 10% early withdrawal penalty. To avoid this, opt for a direct trustee-to-trustee transfer whenever possible, as it is not subject to these limitations. If performing an indirect rollover, be meticulous about the deadlines and rules.

The agreements state that the account holder is responsible for keeping their mailing and email addresses current, but this is often neglected after a move. Failure to update this information means you will not receive critical documents like account statements, tax forms (e.g., 1099-R), and legal notices about fees or policy changes. This can lead to missed tax reporting and unawareness of account issues. Since the provided form is a flat PDF, a tool like Instafill.ai can not only make it fillable but also help manage and update your personal information across different forms to maintain consistency.