How to name beneficiaries and fund a trust at COUNTRY Financial

Form 102906 covers Term Life, Whole Life, Universal Life and Indexed Universal Life. If more than one insured is covered by a policy, a separate form may be required for each insured.¹

Form 102906 cannot change the policy owner, which takes the Absolute Assignment and W-9, and cannot add or change a contingent owner, which takes the Disposition of Contract Form.¹

An annuity can name a trust as beneficiary.²

An IRA can name a trust as beneficiary.²

A trust can be named in any of the three tiers, with its trust type marked as living or testamentary.¹

Where a trustee is named beneficiary, COUNTRY requires proof of authority to act and acceptance of duties within six months after the insured's death. Otherwise the proceeds are paid in one lump sum to the succeeding named beneficiary, or if none, to the insured's estate.¹

A testamentary trust can be named; the form's Trust Type is marked Living or Testamentary.¹

A funeral home, bank or lender is not named as beneficiary. The form directs assigning them as collateral with the Assignment of Life Insurance Contract as Collateral Form.¹

Proceeds are paid in equal shares to the survivors in each tier unless a percentage of shares is assigned. The form does not require a written total.¹

There are three tiers: Primary, with at least one required; Secondary, paid only if no primary survives; and Subsequent, paid only if no primary and no secondary survives. Extra pages are attached to name more than five.¹

Only the policy owner can change beneficiaries. A wet-signed form is signed in black ink with a witness signature; an insurance representative acting as witness includes their representative number.¹

A spouse's signature may be required if the policy owner lives in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, WI). COUNTRY states it does not determine whether a spousal signature is required or whether the form is valid under applicable law.¹

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

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Completed by a policy owner who lives in Ohio. Sent by the institution on request.¹

COUNTRY states that beneficiary designations on life insurance take precedence over a will.²

A change on Form 102906 revokes every previous beneficiary designation under the policy, and leaving the Secondary or Subsequent block blank removes existing beneficiaries at that tier. It does not alter beneficiaries on a spouse or child rider unless the owner says so.¹

All beneficiary designations are revocable unless otherwise specified or otherwise required by law. If the owner has not reserved the right to change beneficiaries, the irrevocable beneficiary must also sign.¹

A per stirpes designation can be specified: a named beneficiary who dies before the insured leaving living descendants passes that share to those descendants per stirpes.¹

An individual cannot be named to receive proceeds for the benefit of another person. The form offers a Uniform Transfers to Minors Act option, with the state and custodian's name, or a trust can be named.¹

If the policy owner lives in Ohio, the Beneficiary or Owner Change Request Questionnaire must also be completed.¹

An Irrevocable Life Insurance Trust can own the policy. Ownership moves by the Absolute Assignment and W-9; Form 102906 cannot change the policy owner.^{3, 1}

An annuity cannot be retitled into a trust.²

An IRA cannot be retitled into a trust.²

For life insurance policys. Sent by the institution on request.³

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For life insurance policys. Sent by the institution on request.³

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COUNTRY does not draft or establish ILITs. The trust must be created before the policy is assigned.²

Naming a trust as beneficiary (Form 102906) and making a trust the policy owner (Absolute Assignment and W-9) are different forms, and COUNTRY will not substitute one for the other.^{1, 3}

Trust and planning services; acts as discretionary or non-discretionary trustee for its own trust clients²