How to name beneficiaries and fund a trust at Colonial Penn

A trust can be named by its full legal name and the date it was established, written "The [Name] Trust dated [date], [Trustee Name] as Trustee", so the designation identifies a specific instrument.¹

Guaranteed acceptance whole life allows up to three beneficiaries; permanent whole life allows up to two. Shares must total 100%.²

If more than one person is named as primary beneficiary and no shares are designated, benefits are paid in equal shares to those who survive the insured. The contingent beneficiary is paid only if none of the primaries survive.¹

The form requires an Owner/Assignee signature and a separate Witness signature; an unwitnessed form is incomplete. If the previous beneficiary was irrevocable, that beneficiary must sign the form as well, with their own witness.¹

In community property states the form states that consent of the wife or husband of the insured may be required before the change can be completed.¹

Completed by the Owner/Assignee, with a Witness. Available to download.¹

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Sent by the institution on request.¹

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For health, long-term care or disability policys. Sent by the institution on request.³

If no beneficiary survives the insured, proceeds are paid per the policy or, absent a policy provision, to the insured's estate, in one sum with any installment payments commuted.¹

The form states that in recording or approving the request the company does not assume any responsibility for the validity or sufficiency of the change.¹

The named beneficiary appears on the original application or enrollment form attached to the policy, or on the policy specification page. An endorsed copy of any later change was returned to the owner.⁵

New York policyholders use the Bankers Conseco Life Insurance Company version of the form (LP29369) and send it to Bankers Conseco Life Insurance Company, Policyholder Services.¹

Colonial Penn supports both trust paths, a trust as beneficiary and a trust as policy owner, but keeps them on strictly separate instruments.⁶

Completed by the Current Owner and the New Owner, with Witness(es). Available to download.⁶

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The ownership form states: "This transfer of ownership form does not automatically change the beneficiary. The new owner must submit a Change of Beneficiary form separately."⁶

At the death of the new policy owner the policy passes to the contingent policy owner named on the form; if none is named, ownership passes to the estate of the deceased policy owner.⁶

Colonial Penn does not draft or administer trusts, and its ownership form disclaims responsibility for "the sufficiency, validity, or legal effect" of the transfer.^{2, 6}

Its policyholder portal cannot be registered when the owner is a trust or a corporation, so once a trust owns the policy the trustee manages it entirely by mail and by phone.²

New York policies⁴