How to name beneficiaries and fund a trust at Foresters
Beneficiaries are managed online, by phone or by mail. Trust paperwork is taken by phone or by mail
For Foresters policyholders, estate planning comes down to one critical step: making sure the right beneficiaries are named on every policy. Insurance proceeds bypass probate entirely and go directly to whoever is listed—regardless of what a will says. When estate tax planning or controlled distributions are a factor, a trust can be named as beneficiary instead.
Foresters has 8 policies with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Beneficiary form at Foresters
Beneficiary Change Form (form 100304 (01/22)) (for life insurance policys).
Open the form →- Regular mail to Foresters Financial, PO Box 179, Buffalo, NY 14201-0179
- Overnight mail to Foresters Financial, 2221 Kenmore Ave, Suite 108, Buffalo, NY 14207-1306
- Fax to 1-877-329-4631
- Certificate number and the current certificate owner's name, date of birth, address, and phone
- Each primary and contingent beneficiary's name, date of birth, address, phone, relationship, and share percentage, with primary shares totalling 100 percent and contingent shares totalling 100 percent
- A Social Security number for a beneficiary only where the form asks for it, which is for California, New York, or South Dakota
- Mark each beneficiary revocable or irrevocable; Foresters states all beneficiaries are revocable unless stated otherwise
- To name a trust, enter the trust as the beneficiary and attach a letter of direction with the additional instructions, checking the box on the form that says one is attached
- Regular mail to Foresters Financial, PO Box 179, Buffalo, NY 14201-0179, which Foresters says takes 7 to 10 business days to arrive
- Overnight mail to Foresters Financial, 2221 Kenmore Ave, Suite 108, Buffalo, NY 14207-1306
- Fax to 1-877-329-4631
Required Documents
- Certificate number
- Current certificate owner's name, date of birth, address and phone
- Each beneficiary's name, date of birth, address, phone, relationship and share percentage (for every primary and contingent beneficiary, including any not being changed)
- Beneficiary's Social Security number (only where the form asks for it, which is for California, New York or South Dakota)
- Letter of direction with the trust's name, date established, trustee and EIN (when naming a trust as beneficiary). Check the box on the form that says a letter of direction is attached
- Name of a trustee to receive proceeds while a beneficiary is a minor (if any beneficiary is a minor)
- Signature of any existing irrevocable beneficiary (if an irrevocable beneficiary is named). The irrevocable beneficiary signs to release their rights
- Letter of direction on company letterhead authorizing the transaction (if the owner or an irrevocable beneficiary is a company)
- Clear copy of government-issued identification, or a notarized signature (if the insured was a minor at issue and is now the owner, or the owner's signature has changed since issue)
- Naming the trust as beneficiary, which leaves the current owner in control of the certificate
- Transferring ownership of the certificate to an irrevocable life insurance trust, which hands all rights in the certificate to the trust
- Regular mail: Foresters Financial, PO Box 179, Buffalo, NY 14201-0179
- Overnight: Foresters Financial, 2221 Kenmore Ave, Suite 108, Buffalo, NY 14207-1306
- Fax: 1-877-329-4631
Required Documents
- Completed Transfer of Ownership Form (form 106023 US (01/22)) (for an ownership transfer)
- Copy of the trust agreement (whenever ownership is transferred to a trust). The form states: "If this transfer is to a trust, the Insurer requires a copy of the trust agreement."
- Current owner's name, SSN or TIN, date of birth and phone (for an ownership transfer)
- New owner's TIN (when a corporation or entity is the new owner). Foresters asks for the TIN in place of an SSN
- The certificate number
- Completed Beneficiary Change Form (form 100304 (01/22)) (for naming a trust as beneficiary)
- Letter of direction with the trust's name, date established, trustee and EIN (when the trust is only being named as beneficiary). Attached to the Beneficiary Change Form
- Government-issued identification or a notarized signature (if the insured was a minor at issue and is now the owner)
- Signature of any irrevocable beneficiary and of any collateral assignee. Each signs to release their rights in the certificate
What Foresters says about beneficiaries and trusts
Each section is Foresters's own statement, with the document it comes from numbered under Sources.
Who can be named2
How many beneficiaries, and how shares are split
- Life insurance policy
Each primary and contingent beneficiary is given a share percentage. Primary shares must total 100 percent and contingent shares must total 100 percent.1
What a designation takes to be effective
- Life insurance policy
A witness must print, sign and date the form on the same day as the owner. The witness must be over the age of majority and cannot be a beneficiary or any related party of the contract; without a witness the change is not processed.1
A power of attorney cannot sign for an owner. Any corrections to the form must be initialed by all signing parties.1
A beneficiary change submitted purely as an online entry is not accepted; the signed and witnessed form still has to be mailed or faxed in.2
Beneficiary forms Foresters issues1
- Beneficiary Change Form (form 100304 (01/22))
For life insurance policys. Completed by the certificate owner, with a witness. Available to download.1
Return to
Fax: 1-877-329-4631
Mailing address: Foresters Financial, PO Box 179, Buffalo, NY 14201-0179
What Foresters's agreement says about beneficiaries2
- Changing or revoking a designation
Filing the form revokes any existing beneficiary designations or directions of payment on the certificate, so every beneficiary must be listed, including those not being changed.1
All beneficiaries are revocable unless marked otherwise. Once an irrevocable beneficiary is named, that beneficiary's written consent is required for changes affecting the value of the certificate.1
- Online access
MyPolicy is available only to members who are both the account owner and the insured on their certificate.3
Which accounts a trust can hold1
- Life insurance policy
Foresters, a fraternal benefit society, calls its policies certificates. A certificate connects to a trust in two ways: the trust is named as beneficiary, or ownership of the certificate is transferred to an irrevocable life insurance trust.4
Trust account forms Foresters issues1
- Transfer of Ownership Form (form 106023 US (01/22))
For life insurance policys. Completed by the current owner and the new owner. Available to download.4
Return to
Fax: 1-877-329-4631
Mailing address: Foresters Financial, PO Box 179, Buffalo, NY 14201-0179
What Foresters says about trust accounts2
- A trust as owner of a policy
On a transfer the current owner gives the new owner all rights and interest in the certificate, including monies payable under it such as dividends, additions and advance premiums. The transfer takes effect the date the form is signed, unless the owner specifies otherwise.4
The form states the transfer "will be treated as a transfer or disposition for tax purposes and may have significant tax implications", and that Foresters "assumes no responsibility for the validity or effect of this transfer".4
- Changing or revoking a designation
Unless Section 3 of the form is marked to keep them, the transfer revokes all existing designations of beneficiaries, trustees, and successor or subrogated owners.4
Sources
Data sourced from Foresters primary sources (19 pages reviewed). How we research.
Download these Foresters instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Foresters primary sources. Bring it to the branch or keep it beside the phone.
Foresters estate support
Foresters Financial Customer Service
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Estate requests go through general customer service.
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