How to name beneficiaries and fund a trust at Allianz Life

Annuity beneficiary changes are made on the Beneficiary Designation Request (SFAL0012). For a combined ownership and beneficiary change, Allianz also accepts S2263.^{1, 2}

Life insurance beneficiary changes are made on the Beneficiary Designation Request (SFAL0012). For a combined ownership and beneficiary change, Allianz also accepts S2263.^{1, 2}

A trust can be named as a primary or contingent beneficiary by entering the trust name in the form's non-individual beneficiary field.¹

An estate can be named in the form's non-individual beneficiary name field.¹

A charity can be named in the form's non-individual beneficiary name field.¹

On an annuity contract, the owner or joint owner cannot be listed as a beneficiary. A surviving joint owner is automatically the sole primary beneficiary.¹

On a life insurance policy, an individual owner or joint owner other than the insured can be named beneficiary.¹

A non-resident alien can be named: the form's non-resident alien box is ticked and IRS Form W-8BEN is attached for that beneficiary.¹

Per Allianz's Advanced Markets Q&A, a revocable trust named as an annuity's beneficiary removes spousal continuation and the life-expectancy payout option, leaving a lump sum or full distribution within five years of the annuitant's death.³

Allianz says a trust-owned annuity should generally name the trust as beneficiary, not the annuitant's spouse or named individuals. Those individuals may not be the people the trust names, which can leave a deceased trust beneficiary's children with nothing and expose the trustee to liability.³

Primary and contingent beneficiaries are named with percentage allocations that must total 100%. The form holds four beneficiaries; any others are listed on a separate sheet that is also signed and dated.¹

If the allocation percentages are left blank, the death benefit is divided equally among surviving beneficiaries.¹

A signature and date are required, or the form cannot be processed.¹

Where the owner is a trust, an attorney-in-fact or a collateral assignee, the matching alternate signature line in Section 3 is used, with the Certification of Trust or power of attorney paperwork enclosed. A contract under collateral assignment may need a bank officer's signature as well.¹

Phone representatives cannot complete the designation directly; a signed form is required.⁴

For annuitys. Completed by the owner. Available to download.¹

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For life insurance policys. Completed by the owner. Available to download.¹

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For annuitys. Completed by the owner. Available to download.¹

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Available to download.²

The change takes effect on the date the owner signs, provided the request reaches Allianz in good order. Allianz disclaims liability for anything it does or pays before the change is recorded.¹

A new designation revokes all prior beneficiary designations.¹

Allianz warns on the form that some beneficiary changes may cost the contract a benefit or coverage.¹

Per the Transfer of Ownership Request (SFAL0013), Allianz accepts a corporation as owner only on variable contracts.⁵

A non-qualified annuity contract can be owned by a trust. A qualified contract (an IRA or 403(b)) cannot.⁵

For an irrevocable trust, Allianz requires the trust's legal or tax advisor or professional trustee to certify that the trust is acting as agent for a natural person. Allianz does not make that determination itself.³

A trust-owned annuity gives up spousal continuation, and its death benefit is paid at the annuitant's death, not the owner's. The annuitant cannot be changed after issue, and commissions and any income benefit are based on the annuitant's age.³

Allianz and Allianz Life of NY do not accept certain entities calling themselves trusts as annuity owners, naming welfare benefit trusts and rabbi trusts. The ownership and tax plan reference tool in the secure site's Knowledge Center holds the current list.⁶

For annuitys. Completed by the existing owner (Section 4) and the trustee as new owner (Sections 5 to 8). Available to download.⁵

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For life insurance policys. Completed by the existing owner (Section 4) and the trustee as new owner (Sections 5 to 8). Available to download.⁵

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For annuitys. Completed by the existing owner (Section 4) and the trustee as new owner (Sections 5 to 8). Available to download.⁵

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Sent by the institution on request.⁵

For annuitys. Completed by signed by a professional trustee, CPA or attorney. Sent by the institution on request.³

For employer retirement plans. Sent by the institution on request.⁵

Life insurance policy ownership can be assigned to an irrevocable life insurance trust (ILIT) on the Transfer of Ownership Request (SFAL0013).⁵

Because the annuitant of a trust-owned contract cannot be changed, surrender charges can apply if the trust must distribute before that person dies.³