Estate planning at VALIC

You can update beneficiaries online by logging in to myaccount.valic.com, or by completing the Annuity Beneficiary Designation Form (VL 14945) and submitting it by mail or fax. Individuals, estates, trusts, and charities can be named as beneficiaries.

Yes. Trusts can be named as beneficiaries on VALIC annuities. Provide the trust name, trust date, and Tax Identification Number on the beneficiary designation form. This is the preferred estate planning approach, as annuities owned by trusts may face adverse tax consequences under IRC Section 72(u).

Beneficiary designations on annuities, life insurance, 401(k)s, pensions, and IRAs override provisions in a will. These assets transfer directly to named beneficiaries without going through probate.

For ERISA-governed plans and certain employer-sponsored plans, spousal consent is required when naming a non-spouse as the primary beneficiary. The spouse must sign the beneficiary designation form in the presence of a notary public or plan representative.

It is possible but generally not recommended. Under IRC Section 72(u), annuities owned by non-natural persons (such as trusts) may lose tax deferral benefits. Additional forms VL 23015 (Certification of Trust) and VL 23547 (Entity Client Account Form) are required. Consult an estate attorney and tax advisor before pursuing trust ownership.

Both are fixed and variable tax-deferred annuities offering 60+ investment options through VALIC. Portfolio Director Choice offers an alternate fee structure. Both products are available through employer-sponsored retirement plans and individual accounts.