How to name beneficiaries and fund a trust at Midland National

If no per stirpes or per capita election is made, Midland National defaults to per capita, and a predeceased beneficiary's children take nothing.¹

A per stirpes election requires a signed, dated list of the children with their names, addresses, phone numbers, dates of birth and Social Security numbers.¹

An individual can be named as beneficiary.¹

A trust can be named. It requires the Certification of trust agreement: form 7519 for life, 19306Y for an annuity, 26742Y for a charitable trust on an annuity.¹

An estate can be named as beneficiary.¹

A charitable organization can be named as beneficiary.¹

A business, corporation or organization can be named as beneficiary.¹

A class such as "surviving children" can be named. The claim then needs a notarized affidavit of surviving children (form 6506 for life, 11734Y for an annuity).¹

Primary and contingent beneficiaries each take a percentage allocation, and the percentages must total 100% within each tier. Fractions are not accepted on Midland National's forms.^{1, 2}

Only the policy or contract owner can change a beneficiary designation.¹

Signatures must be in wet ink: electronic signatures are not accepted, and neither is a form corrected with whiteout.²

For life insurance policys. Completed by the policy owner. Sent by the institution on request.³

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For annuitys. Completed by the contract owner. Sent by the institution on request.³

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For life insurance policys. Completed by the trustees. Available to download.^{4, 5}

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For annuitys. Available to download.^{6, 7}

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For annuitys. Available to download.⁸

A beneficiary designation controls the death benefit and is not overridden by a will.¹

A trust can be named as owner of an annuity. An immediate annuity already in payout cannot be retitled to a trust; a trust can only be named to receive any remaining period-certain payments.¹

Ownership restrictions apply to qualified contracts such as IRAs and Roth IRAs.¹⁰

Completed by the current owner and the new owner. Available to download.¹⁰

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For life insurance policys. Completed by the trustees. Available to download.^{4, 5}

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For annuitys. Available to download.^{6, 7}

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For annuitys. Available to download.⁸

An ILIT can buy a new policy directly, or an existing policy can be transferred to it on the Non-financial change request (form 19513R) with a Certification of trust attached.¹⁰

An ownership transfer to an ILIT cannot be done online. Changing the owner of a policy is a paper transaction on form 19513R.¹⁰

Both the current owner and the new owner, here the trustee, must sign the ownership change.¹⁰

Once a Certification of trust agreement is on file, Midland National relies on the trustees and successors it names until it receives written notice of a change at its Executive Office.¹

The Non-financial change request (form 19513R) notes that an ownership change may have tax consequences.¹⁰

If the current owner lives in Alaska, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Arizona, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in California, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Idaho, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Louisiana, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Nevada, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in New Mexico, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Texas, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Washington, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Wisconsin, Midland National recommends the spouse sign an ownership change to document consent. Without that signature it may presume no community property interest exists and has no duty to inquire.¹⁰

If the current owner lives in Massachusetts, a disinterested witness must sign an ownership change: anyone other than a designated beneficiary, and not the agent.¹⁰