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Beneficiary Declaration Form

Beneficiary Declaration Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Beneficiary Declaration Form

"I need a Beneficiary Declaration Form for my Saudi bank accounts at First Arabian Bank, designating my three adult children as equal beneficiaries, to be effective from March 1, 2025."

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Document background
The Beneficiary Declaration Form is a crucial document in Saudi Arabia's legal and financial framework, used to officially designate individuals or entities who will receive specified benefits, assets, or accounts. This document is essential in various contexts, including banking, insurance, investment accounts, and corporate benefits. It must strictly comply with Saudi Arabian law and Shariah principles, requiring proper authentication and witnessing. The form is commonly used when individuals need to specify beneficiaries for bank accounts, investment portfolios, insurance policies, end-of-service benefits, or other financial instruments. It includes comprehensive details about the declarant and beneficiaries, specific distribution instructions, and any conditions attached to the benefits.
Suggested Sections

1. Declaration Header: Official title, date, and reference number of the declaration

2. Declarant Information: Full legal name, national ID/Iqama number, contact details, and address of the person making the declaration

3. Primary Beneficiary Details: Full legal name, national ID/Iqama number, relationship to declarant, contact information, and percentage of benefit allocation

4. Nature of Benefits: Clear description of the assets, accounts, or benefits being declared

5. Distribution Terms: Specific conditions and timing of the distribution of benefits

6. Shariah Compliance Statement: Declaration of compliance with Islamic law principles

7. Declarations and Undertakings: Legal statements confirming the truth of information provided and understanding of implications

8. Signature Section: Space for declarant's signature, date, and witness attestation

Optional Sections

1. Contingent Beneficiaries: Details of secondary beneficiaries in case primary beneficiaries are deceased or unable to receive benefits

2. Guardian Information: Required when beneficiaries are minors or legally incapacitated

3. Special Instructions: Any specific conditions or instructions for benefit distribution

4. Power of Attorney: Required when declaration is made by an authorized representative

5. Revocation of Previous Declarations: Section to explicitly revoke any previous beneficiary declarations

6. Foreign Asset Declaration: Required when benefits include assets located outside Saudi Arabia

Suggested Schedules

1. Schedule A - Detailed Asset List: Itemized list of specific assets, accounts, or benefits covered by the declaration

2. Schedule B - Multiple Beneficiary Distribution: Detailed breakdown of benefit distribution among multiple beneficiaries

3. Schedule C - Supporting Documents: List of attached documents such as ID copies, relationship proof, etc.

4. Appendix 1 - Terms and Conditions: Standard terms and conditions applicable to the beneficiary declaration

5. Appendix 2 - Witness Information: Detailed information and attestations from witnesses

6. Appendix 3 - Legal Translations: Arabic translations of any non-Arabic documents or declarations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Banking

Insurance

Investment Services

Islamic Finance

Wealth Management

Estate Planning

Legal Services

Financial Services

Pension Funds

Corporate Benefits

Relevant Teams

Legal

Compliance

Wealth Management

Client Services

Operations

Risk Management

Human Resources

Documentation

Islamic Banking

Customer Relations

Relevant Roles

Wealth Manager

Financial Advisor

Legal Counsel

Compliance Officer

Bank Branch Manager

Insurance Agent

Estate Planning Specialist

Shariah Compliance Officer

Benefits Administrator

Human Resources Manager

Investment Advisor

Client Relationship Manager

Risk Manager

Documentation Specialist

Operations Manager

Industries







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