Estate planning options at Cornerstone Bank (Nebraska)

Cornerstone Bank offers profit sharing, pension, 401(k), SEP and SIMPLE plans for employers and links a beneficiary form for plan participants.¹

The participant names one or more people as primary or contingent beneficiaries, adding pages for more names.²

A married participant can name the spouse as the sole primary beneficiary by checking one box.²

Each beneficiary gets a percentage, and the primary and contingent lists each add up to 100%.²

A married participant who names anyone other than the spouse needs the spouse's signed consent, acknowledged before a notary. Without it, the other designation is void to the extent the spouse does not consent.²

For employer retirement plans. Completed by the plan participant. Available to download.^{2, 1}

A new designation revokes every earlier one and controls over any beneficiary designation made outside the plan.²

For an unmarried participant who later marries, the designation is void except where it names the new spouse. A spouse cannot withdraw a signed consent unless the participant makes a new designation.²

Contingent beneficiaries take only if all of the primary beneficiaries die before the participant, unless the form's special language section says otherwise.²

A beneficiary who dies before the participant has that share reallocated to the remaining beneficiaries as the plan's explanation of death benefits describes.²