How to name beneficiaries and fund a trust at Genworth

For variable annuities, Genworth offers a "Restricted beneficiary payout designation" (form 43957RBPD) that constrains a non-spousal beneficiary's distribution election without using a trust. The form says a trust may be the better vehicle in some cases.¹

A trust can be named as beneficiary, with its full trust name and trust date.²

A trust created by a will can be named. The beneficiary section must read "Trustee under the last will and testament of [Insured's Name]."²

Designations are made in percentages for every primary and contingent beneficiary. If percentages are not stated, Genworth splits the benefit in equal shares.²

The Beneficiary Change Form holds 5 primary and 2 contingent beneficiaries. More beneficiaries, or a tertiary layer, go on a separate sheet with the policy number, signed and dated with the same date as the form.²

Every joint owner signs. A guardian signs in capacity with court-ordered guardianship documents.²

In a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, WI), the spouse must sign.²

An attorney-in-fact signs in capacity, submits the entire power of attorney document and files the Declaration of attorney-in-fact (GNWDAF), renewed every 12 months for a durable power of attorney and re-filed with each request otherwise.³

Trustees sign with the title "trustee," according to the terms of the trust agreement.^{4, 5}

Corrections are crossed through, initialed and dated. Correction fluid voids the form.⁶

For life insurance policys. Available to download.²

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For life insurance policys. Available to download.⁷

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For life insurance policys. Available to download.⁸

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For annuitys. Available to download.⁹

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For health, long-term care or disability policys. Available to download.¹⁰

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For life insurance policys. Available to download.⁴

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For annuitys. Available to download.⁵

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A beneficiary change revokes all prior designations, so the primary beneficiary is restated even when only a contingent is changed or added.²

"An ownership change revokes all third party notifications, all existing revocable beneficiary designations and all existing settlement options. The new owner becomes the beneficiary unless a beneficiary is designated by this form, or there is an existing irrevocable beneficiary."^{7, 8}

An ownership change also revokes any contingent owner, which "is automatically revoked and must be restated."^{7, 8}

An ownership change revokes any prior electronic funds transfer authorization. Unless the EFT section is completed and signed by the bank account owner, premium drafting stops and the policy can lapse.^{7, 8}

A minor named as an irrevocable beneficiary cannot be changed until that child reaches the age of majority.⁶

Only the policy or contract owner or policyholder can register a policy in MyGenworth. Not all policies, contracts or certificates are available online.¹¹

Representatives verify each caller and withhold policy information from anyone who cannot pass the check. A non-owner needs an Authorization to Receive Information form on file.¹²

When the owner resides in Massachusetts, a witness over 18, who cannot be the named beneficiary, must sign every life insurance beneficiary change.²

A trust can become the owner of a life policy (the ILIT path) through the state-matched Ownership and beneficiary designation request form.^{7, 8}

A trust can be named as beneficiary or owner of an annuity on the Annuity contract change form.⁹

A single premium immediate annuity cannot be retitled to a trust.⁶

A plain long-term care policy cannot be retitled to a trust. A trust can be named as beneficiary of an LTC Return of Premium rider on form 38017.⁶

For life insurance policys. Available to download.⁷

Return to

For life insurance policys. Available to download.⁸

Return to

For annuitys. Available to download.⁹

Return to

For life insurance policys. Available to download.⁴

Return to

For annuitys. Available to download.⁵

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Genworth requires the Certification of Trustee Powers for any trust named as owner or beneficiary, "required to show signing authority for contracts owned by a Trust." Trustees sign with the title "trustee."^{13, 14}

Genworth does not create ILITs, so the trust must be drafted before ownership is transferred to it.⁶

Form 2602, "Collateral Assignment of Policy," is not the ownership transfer: Genworth's forms page says to use it "when assigning policy proceeds to cover a loan (i.e. bank loan)," and form 43618RColA releases that assignment.⁶