Form WP1002 Nomination of Beneficiaries - South Africa

FAQ

Q: What is Form WP1002?A: Form WP1002 is the Nomination of Beneficiaries form in South Africa.

Q: What is the purpose of Form WP1002?A: The purpose of Form WP1002 is to nominate beneficiaries for certain benefits in South Africa.

Q: Who can use Form WP1002?A: Form WP1002 can be used by individuals who want to nominate beneficiaries for their benefits in South Africa.

Q: What benefits can be nominated using Form WP1002?A: Form WP1002 can be used to nominate beneficiaries for retirement funds, life policies, and other similar benefits in South Africa.

Q: Are there any fees associated with submitting Form WP1002?A: It depends on the financial institution or service provider. Some may charge fees for processing the form.

Q: What information is required on Form WP1002?A: Form WP1002 typically requires information such as the nominee's name, contact details, and relationship to the member or policyholder.

Q: Can I change my nominated beneficiaries after submitting Form WP1002?A: Yes, you can generally update or change your nominated beneficiaries by submitting a new Form WP1002 to the relevant financial institution or service provider.

Q: Is Form WP1002 legally binding?A: Yes, if properly completed and submitted, Form WP1002 is legally binding in South Africa.

Q: What should I do with my completed Form WP1002?A: You should submit the completed form to the relevant financial institution or service provider as instructed.