How to name beneficiaries and fund a trust at Global Atlantic

Annuities have two current beneficiary forms, chosen by the first character of the contract number: GA20006-02 for letter-prefix contracts and FA5014-06 for number-prefix contracts.¹

A restricted-payout beneficiary designation, for a beneficiary who receives installments rather than a lump sum, is requested by phone and is offered for number-prefix contracts.¹

A beneficiary change is not processed on an annuity owned by a custodian, such as a custodial IRA. The owner contacts the custodian directly.^{2, 3}

For a custodial IRA contract, both current annuity beneficiary forms require the custodian to be listed as the beneficiary.^{2, 3}

An Indexed Survivorship Universal Life Supplemental Insured Rider carries its own beneficiary designation on Form 18185. Changing the base policy on Form 13977 does not change the rider.⁴

A trust can be named as beneficiary on Form 13977 for life insurance or on the annuity Change of Beneficiary form, with a copy of the trust on file.^{5, 2, 3}

Where a trust owns the annuity, the form requires the trust itself to be listed as the beneficiary.^{2, 3}

A corporate entity can be named as beneficiary. A recent Corporate Resolution is submitted unless one is already on file.⁶

Primary and contingent allocations must each total 100%.^{5, 2, 3}

Annuity beneficiary percentages must be whole percentages, and the primary and contingent tiers must each total 100 percent. Unless the form says otherwise, proceeds are distributed equally.^{2, 3}

On annuity forms the owner signs, and any joint owner, power of attorney, custodian or trustee signs as well, each checking the capacity in which they sign.^{2, 3}

For life insurance policys. Available to download.⁵

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For life insurance policys. Available to download.⁷

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For life insurance policys. Available to download.⁴

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For annuitys. Available to download.²

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For annuitys. Available to download.³

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For annuitys. Available to download.³

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For annuitys. Sent by the institution on request.¹

A change takes effect on the date Global Atlantic deems the request to be in good order. A confirmation is sent to the owner and, on annuities, to the agent.⁶

Form GA20009 warns that changing the primary owner or changing or adding a joint owner "may result in an immediate, reportable taxable event," and that "an ownership change may change the death benefit amount on your contract, as well as modify the existing death benefits."⁸

Form GA20009 states that changing the owner to a trust requires the Trustee Certification and Indemnity form submitted with it, and changing to any other non-natural owner requires the Non-Natural Owner Acknowledgement form.⁸

Form GA20013 changes an individual (self-directed) owner to a custodian, a custodian to an individual, or one custodian to another. It cannot move an IRA from one individual to another.⁹

For life insurance policys. Available to download.¹⁰

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For life insurance policys. Available to download.¹¹

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For life insurance policys. Available to download.¹²

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For annuitys. Available to download.⁸

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For IRAs. Available to download.⁹

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For annuitys. Sent by the institution on request.^{2, 3}

Form 15028 names the trust, through its trustee, as the new owner of a life policy. Its instructions warn the transfer "may result in a taxable event to the current owner."¹⁰

Under Form 15028, any joint or contingent owners the prior owner named become invalid, and all correspondence, including lapse notices, goes to the new owner.¹⁰

If premiums are drafted from the old owner's bank account, the new owner has to update the banking instructions or the draft fails.⁶

Form 16541 states that a trust TIN is "not required for revocable grantor trusts."¹¹

Life insurance servicing (the legacy Accordia block), out of Clinton, Iowa⁶

Annuity servicing, out of Jersey City, Topeka or Batesville depending on the contract-number prefix⁶

Commonwealth Annuity and Life Insurance Company accounts⁶