Estate planning at MassMutual

Four things that catch people out on the FR2265-US. First, MASSACHUSETTS: if the policy owner resides in Massachusetts, a disinterested witness (anyone other than the owner, insured, or beneficiary) age 18 or older must sign the form, and all signature dates must match. Second, DIVORCE: if the policy is subject to a divorce obligation, the former spouse must also sign. If the former spouse will not sign, MassMutual requires the divorce settlement agreement — the first page, any pages about the policy or life insurance, and the signature page — and where that agreement requires a specific beneficiary designation, MassMutual follows the agreement and not the form you submitted, regardless of signatures. Third, THE 6-MONTH CLOCK: a signed form received more than 6 months after its signature date is Not In Good Order, so a form completed and then filed in a drawer has to be redone. Fourth, MINORS: if a minor is named with no UTMA/UGMA custodian designated on the form, money payable to that minor is paid to the court-appointed guardian of the minor's estate, which is exactly the probate-court involvement most people are naming a beneficiary to avoid.