I am a listed beneficiary for a participant in a plan hosted on the Vestwell Platform that has passed. What should I do?
Our team expresses our deepest concerns for your loss and knows this is not an easy time. Our Support Team will be able to assist you from start to finish with this process to make it as easy as possible for you. If the participant has named you as a beneficiary on the account, you are entitled to receive the benefits intended for you by the plan participant. Please contact us at firstname.lastname@example.org.
Once you have contacted us, we will be able to supply you with the correct distribution form as this varies based on the plan, relevant state law, and the nature of the beneficiary(ies) on the account. The participant may have designated more than one beneficiary and beneficiaries may also be a trust, estate, or nonprofit organization. Each beneficiary will be required to complete their own form and funds will be distributed once all the forms are returned in good order.
To expedite the distribution process, it may be helpful to gather some materials. We will require a copy of the participant’s death certificate and a copy of proof of identification (e.g., driver's license, passport) for each beneficiary. Any beneficiary claiming benefits may need to provide copies of the participant's spousal consent form. Additionally, if the beneficiary is the participant's estate, we may require proof of the appointment of an Executor (such as a Letter of Testamentary, Letter of Administration, or the local court equivalent) with a visible court seal. Nonprofit organizations and minor children who are named as beneficiaries may need to provide additional information. Depending on the nature of the plan, participant's circumstances, and number and type of primary and contingent beneficiaries, additional information may be required.