What to do when a Equitable account holder dies

Equitable documents the trust-as-BENEFICIARY path for its annuity contracts, not trust ownership. When a trust is the named beneficiary, the trustee files Equitable's Certification of Trust form (portal.equitable.com/appentry/EDoxRedirect?node_id=65119797), which identifies the trustee, the beneficiary and the trust's TIN, alongside the claim election form. If the trust also elects the Beneficiary Continuation Option, the contract series' Beneficiary Continuation Option Trustee Certification form is required as well. Trust ownership of an annuity has tax consequences that Equitable does not publish a procedure for — an annuity owned by a non-natural person generally loses tax deferral unless an exception applies — so raise it with your tax advisor and financial professional before making any change, and call annuity service at (800) 789-7771 to confirm what your specific contract allows.

The Beneficiary Continuation Option (BCO) lets an annuity beneficiary keep the contract and defer payments instead of taking an immediate lump sum — over the beneficiary's lifetime or 5 years on a non-qualified contract, or over lifetime or 10 years on an inherited IRA for deaths on or after 1/1/2020. Equitable's Beneficiary Guide Checklist states that for a NON-QUALIFIED contract the option is only available on the death of the owner (or where the owner was also the annuitant) and that "our Processing Office must receive this payment method within 9 months." A sole surviving spouse has a different route on many contracts: the Spousal Continuation Option or, on EQUI-VEST, the Successor Owner/Annuitant form, which lets the spouse take over the contract in their own name. A trust beneficiary electing BCO must file the Trustee Certification form with the BCO election.

Every beneficiary named on the policy files their own Claim to Life Insurance Benefits form (portal.equitable.com/appentry/EDoxRedirect?node_id=6247), with an original certified death certificate and the policy if it can be found. Filing as executor, administrator or guardian requires a copy of the certificate of appointment (Letters). Where the estate is NOT being probated, Equitable publishes an Affidavit for Payment without Administration (node_id=Y6CZYP3OUJ6H-1932448188-14012) that can support payment without a probate estate. Claims of $10,000 or less qualify for Express Processing with no additional forms. Two things an executor should not miss: if the death occurred within two years of policy issue, an Authorization to Release Information is required (the contestability window), and the claim form itself has a check box to request IRS Form 712 — ask for it while the claim is open if the estate will file a federal estate tax return. Mail the package to Life Operations, PO Box 1047, Charlotte, NC 28201-1047, or fax forms to (855) 268-6373.