How to name beneficiaries and fund a trust at American Equity

Each beneficiary must be specifically named. A designation by relationship or class, such as "my children", is not accepted.¹

Each beneficiary is named by their own given legal name. The form gives the example "Jane A. Doe, not Mrs. John R. Doe".¹

A trust can be named as beneficiary on any contract. It takes the Certification of Trust Agreement (014260) and a copy of the trust on file.²

A trust may be named beneficiary of a qualified contract (an IRA). If it is meant to be treated as a look-through trust, the trustee determines whether it qualifies and files American Equity's Trustee Certification for Beneficiaries (IRAs).³

For a spouse to be able to elect spousal continuation at death, the spouse must be the sole primary beneficiary.¹

Each beneficiary's share is given as a percentage, and the percentages must total 100%. If none are listed, the proceeds are divided equally.¹

If more beneficiaries are named than fit on the Change of Beneficiary Form, the Additional Beneficiary Form (014144) is attached.¹

If the owner is married and lives in AZ, CA, ID, LA, NM, NV, TX, WA or WI, or a community property interest otherwise exists, the spouse signs the consent section. Left blank there, American Equity assumes the owner is unmarried with no community property interest and disclaims deciding whether that law applies.¹

Faxed copies are accepted; the original form is not required. Someone signing for the owner ticks the capacity: trustee, attorney-in-fact, conservator or guardian, or other.¹

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

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Sent by the institution on request.¹

Completed by the trustee(s). Available to download.²

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Completed by the owner, one form per contract. Sent by the institution on request.⁴

For IRAs. Completed by the trustee. Available to download.³

If there is no surviving primary or contingent beneficiary, the death benefit is paid to the owner's estate.¹

A submitted Change of Beneficiary revokes all prior beneficiary designations.¹

If the new designation is ineffective or is not accepted by American Equity before the owner's death, the most recent designation before the request stays in place.¹

The form warns that joint owners may affect how death benefits are paid, and refers the owner to the contract.¹

MyPortal lets annuity clients see contract details and current values, access contract documents and manage beneficiaries. Contract owners had to re-register for the new client portal as of 01/23/2025.⁵

A trust beneficiary, a restricted payout or a change needing spousal consent is made on the Change of Beneficiary Form (014036), not in MyPortal.⁵

American Equity does not allow a current or former agent, the agent's spouse, or anyone affiliated with the agent to be the beneficiary of a contract the agent sold or serviced, unless the agent has a close family relationship with the owner.³

An entity other than a trust that owns a contract uses the Certification of Entity Ownership form in place of the Certification of Trust Agreement.³

A trust can own a non-qualified contract only, through the Ownership Change form (014039) and the Certification of Trust Agreement (014260).³

Where the trust uses the grantor's Social Security number as its taxpayer identification number, or qualifies as a grantor trust, the grantor must be the annuitant. The grantor's spouse may be a joint annuitant only if the trust permits.²

A qualified contract (an IRA) cannot be owned by a trust.³

For annuitys. Available to download.³

Completed by the trustee(s). Available to download.²

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