How to name beneficiaries and fund a trust at MetLife

A trust, an estate, a business, or any policy the insured does not own requires the long form, not the short form.¹

Group life beneficiary changes are made through the employer's HR team or MyBenefits, not through MetLife's individual-life channel.²

Annuity beneficiary changes are made on the Annuity Beneficiary Change form.³

ERISA and non-ERISA 403(b) plans use the dedicated 403(b) Beneficiary Change form.⁴

Individuals can be named on the long form (Option A).¹

A testamentary trust created in the insured's will can be named on the long form (Option B).¹

A living (inter vivos) trust can be named on the long form (Option C), identified by name, date, state of creation, address, tax ID, grantor and contact trustee.¹

A business entity, its successors or assigns, can be named on the long form (Option D).¹

The insured's estate can be named on the long form (Option E).¹

Primary and contingent beneficiaries are named with percentage shares totaling 100%.^{5, 1}

The long form's election to include all future children born to or adopted by the insured forces an equal split, and excludes any living child not listed on the form when it is signed.¹

Only the policy owner can change beneficiaries, and every owner must sign. Once a policy has been assigned to an ILIT, the trustee is the owner and the insured no longer has that right.¹

Any irrevocable beneficiary already on the policy must also sign the form.¹

MetLife accepts a faxed copy or a photocopy of the signed form as valid as the original.¹

The 403(b) Beneficiary Change form carries its own spousal consent block.⁴

For life insurance policys. Completed by each policy owner, when the owner is the insured and the new beneficiary is an individual. Available to download.⁶

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For life insurance policys. Completed by each policy owner, for a trust, an estate, a business entity, or any policy the insured does not own. Available to download.¹

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For annuitys. Available to download.³

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For annuitys. Completed by the owner of an annuity purchased through an employer. Available to download.³

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For employer retirement plans. Available to download.⁴

A beneficiary designation controls over instructions in a will.⁵

If the insured dies with no surviving beneficiary, the long form states that payment goes to the owner if living, and otherwise to the owner's estate.¹

Section 4 of the long form offers an optional provision for per stirpes payment to the issue of a deceased child.¹

If the trust does not claim the proceeds within 12 months after receiving notice of the insured's death, or MetLife receives satisfactory written evidence the trust is not in effect, MetLife pays as if the trust had never been named.¹

Section 4 of the long form lets the owner name a UTMA or UGMA custodian for each minor beneficiary, which MetLife says helps speed payment.¹

The Life Insurance Absolute Assignment revokes the existing beneficiary designations, any contingent owner designation, and any settlement option or optional income plan election.⁷

After an ownership assignment, the new owner is the primary beneficiary by default until the trustee files a new beneficiary designation.⁷

If any owner lives in Massachusetts, that owner's signature must be witnessed by a disinterested person over 18 who is not being named. In all other states MetLife recommends but does not require a witness.¹

Ownership of an individual life policy can be assigned to an ILIT on the Life Insurance Absolute Assignment, Type C. The form is for life insurance only, not annuities.⁷

Group life cannot be assigned to a trust: there is no individually owned policy to transfer, so a trust can only be named as beneficiary through the employer portal.²

Annuity ownership moves to a trust on the annuity ownership change form plus the Trustee/Entity certification (ANNTRUST-POST), for non-qualified contracts only. The same certification updates trustee information on a contract a trust already owns.^{8, 9}

For life insurance policys. Available to download.¹

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For life insurance policys. Available to download.⁷

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For annuitys. Available to download.⁸

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For annuitys. Sent by the institution on request.⁹

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The Absolute Assignment asks the owner to elect whether all named trustees must sign for any action or whether any one trustee can sign.⁷

An assignment of the policy to a trust is subject to any policy loan or prior collateral assignment already affecting the policy.⁷

A Massachusetts owner's signature on the Absolute Assignment must be witnessed by a disinterested person over 18 who is not an assignee.⁷

Life policies and annuities issued by a Brighthouse entity, whose beneficiaries and assignments MetLife cannot change¹⁰