How to name beneficiaries and fund a trust at Modern Woodmen

Special Requirements

• The designation is not effective until the properly completed form is received AND acknowledged in writing at the home office — a mailed or faxed form is not effective on the day you send it
• A separate Form 948 is required for each certificate
• The form revokes all prior beneficiary designations on that certificate; a beneficiary who is meant to remain must be re-listed
• A trust named as beneficiary must already be in effect, and a FINAL BENEFICIARY must be named to take the proceeds if the trust is not properly qualified or does not claim within 120 days of the date of death
• Modern Woodmen asks for the trust name, date executed, grantor, and trustee(s) — not a trust EIN
• Class designations (for example "lawful children") are supported: everyone in the class who survives the insured shares
• Proceeds payable to a MINOR beneficiary are held by the Society until the minor reaches legal age, unless a court-appointed guardian of the minor's estate requests payment sooner
• Signatures must be original and must be witnessed by an adult who is not a named beneficiary
• The certificate owner cannot specify how a beneficiary uses the proceeds
• The "Deposit at Interest" settlement option cannot be elected on a tax-qualified certificate such as an IRA
• Changing a beneficiary does not change ownership of the certificate; ownership moves only on Form 953 (Absolute Assignment)