How to name beneficiaries and fund a trust at Liberty Mutual

There is no beneficiary on an auto, home, condo or renters policy.¹

A trust can be named; provide the full legal trust name, the date the trust was established and the trust EIN.^{2, 3}

The Liberty Life form takes an entity as beneficiary, giving the entity name, its date, addresses, telephone and Tax ID number.³

Beneficiaries can be named as unnamed members of a class. The Liberty Life form accepts an affidavit signed by a surviving member of the class, stating that the persons named in it are the sole surviving members, as sufficient proof.³

Primary and contingent beneficiaries are named with percentage allocations totalling 100%.²

The Liberty Life form holds seven beneficiary slots, each marked primary or contingent with a percentage. The form states that all designated beneficiaries are treated as primary sharing equally unless you indicate otherwise.³

Only the policy owner can change a beneficiary. The Liberty Life form's owner signature line expressly accommodates an executor, administrator, attorney-in-fact under a power of attorney, or trustee signing as owner.³

An irrevocable beneficiary must sign the form, and their written consent is required for most later loans, withdrawals, surrenders, or removal.³

Completed by the policy owner, for a legacy Liberty Life individual life or annuity contract. Available to download.³

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Completed by the policy owner, for a policy placed through Ethos. Sent by the institution on request.⁴

The Liberty Life Beneficiary Change Request changes only the beneficiaries listed on it. Its own example is that changing the primary beneficiaries alone "will not revoke any prior contingent beneficiary(ies) designations".³

The form notes that the right to change beneficiaries may be limited if the owner lives in, or the contract was issued in, a community property state.³

On the Liberty Life form the designation takes effect as of the date signed but is "not binding until it is received and acknowledged by the Company," subject to any payment made or action taken before receipt.³

For a policy placed through Ethos, the change is effective once the issuing carrier records it, not when it is entered at Ethos.²

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

The spouse or domestic partner signs the Liberty Life Beneficiary Change Request.³

A third-party disinterested adult signs the Liberty Life Beneficiary Change Request as witness.³

A trust can own a legacy Liberty Life contract. The Trust Certification, or the older Verification of Trust, certifies the trustees' authority for ownership.^{6, 7}

For life insurance policys. Completed by the trustees, with a witness. Available to download.⁶

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For life insurance policys. Completed by the settlors and the trustees, with a witness. Available to download.⁷

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Completed by the trustees, for a policy placed through Ethos. Sent by the institution on request.⁴

A trust can be named as beneficiary of the policy or can own it. They are different transactions with different forms.⁴

For a new contract, the trustee certifies that beneficial interests under the trust are held only by persons related to the insured by blood or law, with a substantial insurable interest, or with a lawful and substantial economic interest in the insured's continued life.⁶

For a new contract, the trustee also certifies that ownership has not been and will not be transferred outside that group.⁶

On the Verification of Trust, the settlors and trustees certify that a valid trust has been established and that the trustees have authority under applicable law to purchase the policy on their sole signatures.⁷

The Trust Certification asks you to select one of "Any trustee independently", "All trustees jointly", or "A trustee majority" for exercising ownership rights. That election decides whether one trustee can later change the beneficiary, take a loan, or surrender the policy without the others.⁶

The Trust Certification and the Verification of Trust both take a witness signature; the Verification of Trust also takes settlor or grantor signatures.^{6, 7}

On the Liberty Life forms the trustees agree that the company may assume the trust is in effect and unamended until written notice to the contrary is approved at the Home Office, and that the company is not charged with knowledge of the trust terms beyond what is on the form and is held harmless from interpreting them.^{6, 7}

The trustees also agree that the company gave no legal or tax advice, and that payment to the trustees fully discharges it.^{6, 7}

Policies placed through the Ethos partnership, recorded by the issuing carrier named on the policy⁴

Individual life and annuity contracts issued by Liberty Life Assurance Company of Boston before 2018⁵

Group life certificates through an employer¹