How to name beneficiaries and fund a trust at Franklin Templeton

A T/O/D designation can be added to an account registered in an individual name or jointly, with the Transfer on Death Registration Form (GOF-FTOD).¹

A Transfer on Death registration requires the account owner to be a legal resident of the United States. Whether a T/O/D designation can be added depends on the laws of the owner's state of residence.¹

The Transfer on Death Registration Form cannot name beneficiaries on an IRA or other retirement plan for which FTIOS is custodian. The Designation of Beneficiary Form (RRET-FBEN) is used instead.¹

If no beneficiary is designated on an FTIOS retirement account, Franklin Templeton pays the owner's spouse or, if there is no surviving spouse, the owner's estate.²

A trust can be named as beneficiary of an FTIOS retirement account on the Designation of Beneficiary Form, with copies of the trust's title page, the page naming the current trustees and the signature page.²

The form takes a percentage allocation for each beneficiary.^{2, 1}

For a retirement account, both primary and contingent beneficiaries are named.²

The Transfer on Death Registration Form is signed and dated by each account owner.¹

For IRAs. Available to download.²

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For investment accounts. Completed by each account owner. Available to download.¹

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Available to download.³

With a T/O/D designation the account owners remain the owners and can add or remove beneficiaries at any time. The named beneficiaries have no ownership interest in the assets while the owners live.¹

An FTIOS retirement account cannot be retitled to a trust. The trust is named as beneficiary instead, on the Designation of Beneficiary Form.²

A non-retirement mutual fund account can be opened in a trust name directly, or re-registered from sole or joint ownership with the Non-Retirement Change of Ownership Form, which is not available online.⁵

Available to download.⁶

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For investment accounts. Completed by the current account owners and the new trustees. Available to download.⁵

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Available to download.³

GOF-NCO does not require the owners' signature guarantee when the trustees are the same individuals as the current owners, the authorized signers and their number do not change, and independent trustee authority is not requested.⁵

Putnam Investments accounts⁷