How to name beneficiaries and fund a trust at Corebridge Financial

Online self-service is available only when the plan does not require spousal consent for the beneficiaries being named. If consent is required, the site produces a pre-filled Beneficiary Designation form to print and sign instead.¹

The retirement services portal has a "per Stirpes" box: when ticked, a deceased beneficiary's share passes to that beneficiary's living children rather than to the surviving beneficiaries in the same category.¹

A trust may be named primary or contingent beneficiary on any Corebridge product. The designation needs the full legal trust name, the trust date and the trust TIN.^{2, 1}

Corebridge's wording for a living trust is "The Smith Family Trust, dtd 3/3/2013, TIN 999-99-9999, Trust, 100%".²

Corebridge's wording for a testamentary trust is "Sally Smith Testamentary Trust under the Suzie S. Smith Last Will and Testament dtd 1/1/1999, Trust, 100%".²

Corebridge's wording for the estate is "Estate of the Insured, 100%".²

Primary and contingent shares must be whole percentages totaling 100% in each category. Unequal shares must be percentages of the death benefit rather than dollar amounts.^{2, 3, 4, 1}

Where the plan requires it, a spouse's consent to a non-spouse beneficiary must be signed in front of the Plan Administrator or a Notary Public.¹

If you are legally separated, the beneficiary election and the separation court documents go to the plan administrator. If your spouse is missing, the plan administrator decides whether consent is still required.¹

For life insurance policys. Available to download.²

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For annuitys. Available to download.⁵

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For employer retirement plans. Completed online.¹

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If no beneficiary survives the insured, the life form states the proceeds are paid to the policy owner or to the executors or administrators of the policy owner's estate.²

Under the optional Postponement Clause (Common Disaster) on the life form, no payment is made to a beneficiary until 30 days, or the state-mandated period, have elapsed after the insured's death. It does not apply to a trustee.²

Under the optional Children's Clause (Per Stirpes) on the life form, a predeceasing child beneficiary's share passes in equal shares to that child's surviving children.²

The optional Minor Beneficiary Clause on the life form names either a trustee for the minor or a UTMA custodian, with the state of the custodianship.²

Payment to that trustee or custodian fully releases the company, and the designation is disregarded if the minor has reached majority when proceeds become payable.²

A beneficiary designation becomes effective on the date the form was signed, once it is filed with the company.²

If the owner lives in, is domiciled in or is sitused in Massachusetts, a life-side Change of Beneficiary must be witnessed by a non-interested party.²

Ownership of a life policy is transferred to an irrevocable life insurance trust with the Change of Ownership form, filed with a Certification of Trust.^{6, 7}

For trust ownership of an annuity, the Certification of Trust alone is the instrument.⁷

For trust ownership of a mutual fund account, the Certification of Trust alone is the instrument.⁷

Employer retirement plan accounts cannot be retitled to a trust. A trust can only be the beneficiary.¹

For life insurance policys. Available to download.⁶

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Completed by every currently acting trustee. Available to download.⁷

Completed by an entity owner. Sent by the institution on request.⁶

Corebridge states the ownership transfer "shall not be effective until approved by the Service Center".⁶

A contingent owner may be designated only if the new owner is a natural person, so an ILIT-owned policy cannot carry one.⁶

Until a new EFT authorization is provided, the policy moves to Direct Bill addressed to the new owner.⁶

The Certification of Trust names all trustees authorized to act, and whether any trustee may act independently, all must act jointly, or some other arrangement applies.⁷

Every currently acting trustee must sign the Certification of Trust, and it supersedes any certification previously on file.⁷

If the owner lives in, is domiciled in or is sitused in Massachusetts, the Change of Ownership must be witnessed by a non-interested party.⁶