How to name beneficiaries and fund a trust at MassMutual

The Beneficiary Change Request (FR2265-US) is for life policies after issue only; it is not accepted for annuities, qualified plans or disability income policies. Online self-service covers life insurance.¹

Annuity designations use the separate Annuity Beneficiary Change Request (FR3014-AN 0126), not the life form. Issue per stirpes can only be elected where the beneficiary is a natural person.²

Restricted Beneficiary Designation lets the owner fix how the death benefit is paid; beneficiaries may not change it unless the IRC requires. On non-qualified and IRA contracts only: Envision, Evolution, Equity Edge, Odyssey Select, Odyssey Plus, Stable Voyage, RetireEase, RetireEase Select, Transitions Select.²

A revocable or irrevocable trust can be named in section C, with its full legal name, the date it was established and its EIN.¹

A "Trust under the Insured's Will" designation pays only if the will is probated and the testamentary trust is in effect.¹

The estate of the insured can be named in section C. If it is the sole primary beneficiary, no secondary beneficiary can be named.¹

A corporation can be named in section C. If it is the sole primary beneficiary, no secondary beneficiary can be named.¹

A minor can be named; the form asks for a UTMA/UGMA custodian and the minor's resident state.¹

Section C of the form lists "Other" among the entity beneficiaries, beside trusts, the estate of the insured and a corporation.¹

Beneficiaries are named in primary, secondary (contingent) and tertiary classes. Percentages within a class must total 100%, a blank distribution defaults to equal shares, and issue per stirpes is elected on the form.¹

Only the policy owner can change a beneficiary.¹

When the owner is a trust, the trustees the Certification of Trust (F6734/F6734NY) specifies sign as "Name, Trustee, [Trust] dated [date]", with the trust name matching the certification. Which trustees those are is an election made on F6734: all authorized trustees, a majority, any one, or a designated trustee.³

On an annuity a notary stamp is required when an irrevocable beneficiary is being changed, and the irrevocable beneficiary must consent before the beneficiary arrangement can change. On Foundation, Flex IV, Flex Extra, SPIA and LifeTrust contracts that consent is needed before the owner can exercise contract rights.²

Spousal consent is required on an ERISA-qualified contract when the beneficiary is anyone other than the spouse.²

For life insurance policys. Completed by the policy owner. Available to download.¹

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For life insurance policys. Completed by the policy owner. Available to download.¹

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For annuitys. Completed by the contract owner. Sent by the institution on request.²

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For annuitys. Completed by the contract owner. Sent by the institution on request.²

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A signed form is not in good order if MassMutual receives it more than 6 months after the signature date.¹

If the policy is subject to a divorce obligation, the former spouse must sign the form. If the former spouse will not sign, MassMutual requires the divorce settlement agreement.¹

Where the divorce agreement or a court order requires a specific designation, MassMutual follows the agreement, not the submitted form.¹

If a minor is named with no UTMA/UGMA custodian designated, money payable to that minor is paid to the court-appointed guardian of the minor's estate; only a legal guardian can exercise the minor's rights.¹

With no living or existing beneficiary the proceeds go to the owner or the owner's estate, and where the owner is an entity, to the entity.¹

If a revocable trust is the owner and the trust is not in effect at the insured's death with no living beneficiary, proceeds are paid to the grantors equally, otherwise to the estate of the last grantor to die.¹

If the 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.¹

UTMA/UGMA custodial arrangements are not available in Vermont on annuity contracts, so a minor beneficiary there cannot be handled with a custodian on the form.²

UTMA/UGMA custodial arrangements are not available in Puerto Rico on annuity contracts, so a minor beneficiary there cannot be handled with a custodian on the form.²

A trust can own a life policy (the ILIT path) through the Owner Change Coversheet (FR2255p-LI) with a Certification of Trust (F6734, or F6734NY in New York) on file first, or be named beneficiary on the Beneficiary Change Request (FR2265-US).⁵

An ownership change terminates an Enhanced Surrender Value Rider unless the new owner is a grantor trust established by the owner, a successor from a merger or acquisition, or a non-qualified business trust for the owner's employees. An Annuity Purchase Agreement Rider is cancelled by any ownership change.⁵

The Annuity Contract Change Request (F6455-AN) asks the filer to certify whether the trust transfer meets the section J exception. With no election the form defaults to "does not meet the criteria" and any gain in the contract is reported to the IRS as taxable.⁶

On a MassMutual Envision contract with RetirePay, RetireCore or RetireCore Stacking in effect an owner change normally terminates the benefit; the form's own listed exception is an owner who is "essentially the same person", and its example is an individual ownership changed to a personal revocable trust.⁶

For annuity contracts only, the Certification of Trust asks whether any beneficiary of the trust, including a contingent beneficiary, is a non-natural person.³

For life insurance policys. Completed by the current owner and the new owner (the trustees). Available to download.⁵

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Completed by the trustees. Sent by the institution on request.^{3, 7}

For annuitys. Completed by the current owner and the new owner (the trustees). Sent by the institution on request.⁶

Return to

For annuitys. Completed by the current owner and the new owner (the trustees). Sent by the institution on request.⁶

Return to

The ownership change takes effect on the latest signature date on the form, subject to any payment MassMutual made or action it took before receiving the form in good order.⁵

Every right, privilege and benefit under the policy, and every encumbrance, including assignments, loans and Modified Endowment Contract status, passes to the new owner. MassMutual states it is only responsible for performing under the policy and is not responsible for carrying out the terms of any trust.⁵

Trustees sign as "Name, Trustee, [Trust] dated [date]", matching the Certification of Trust, and all specified trustees sign. Which trustees those are is an election made on F6734: all authorized trustees, a majority, any one, or a designated trustee.^{5, 3}

MassMutual wants the Certification of Trust on file rather than the full trust agreement and states it "will not be charged with any knowledge of the terms of the Trust beyond this Certification". It may request pertinent trust provisions and proof the trust is still in full force and effect before any disbursement.³

New York contracts use the F6734NY version of the Certification of Trust Agreement.³

MassMutual Ascend annuity contracts, serviced from Cincinnati²