How to name beneficiaries and fund a trust at Nassau Life
Beneficiaries are managed by mail. Trust paperwork is taken by mail
Beneficiary designations are the foundation of estate planning for Nassau Life policies. Unlike bank accounts, insurance products cannot be retitled into a trust. Instead, the beneficiary designation itself determines who receives the proceeds and how quickly they're paid. Naming a trust as beneficiary is an option when more control over distributions is needed.
Across 12 product types, Nassau Life policies vary in how they transfer at death. The sections below walk through beneficiary designations, trust funding options, and which products support each method.
- For each beneficiary Nassau requests full name, date of birth (or date of trust), Social Security or tax ID number, phone number, and address, and a share marked "Equally" or as a percentage
- Nassau cannot accept designations such as "per stirpes," "lawful/all my children," "issue," or "descendants"
- Even if only the contingent beneficiary is being added or changed, the primary beneficiary must be restated
- Payment order on the form: primary beneficiaries, then contingent beneficiaries if no primary is living at the insured's death, then the owner or the owner's estate if no contingent is living
- A Massachusetts resident must obtain a disinterested witness signature
- If community or marital property law applies (AZ, CA, ID, LA, NV, NM, TX, WA, WI) and the spouse is not the sole beneficiary, the spouse may need to consent
- The form states the Company is not liable if required consent was not obtained
- Florida residents may not name their agent as beneficiary without proof the agent is a "family member" under Florida law
- A non-individual owner signs in its capacity (a corporate officer attaches a Corporate Resolution)
Required Documents
- Each beneficiary's full name (for each beneficiary). OL122A states the Company must obtain the full name of any beneficiaries to comply with OFAC regulations
- Each beneficiary's date of birth (or date of trust) (for each beneficiary)
- Each beneficiary's Social Security or tax ID number (for each beneficiary)
- Each beneficiary's phone number and address (for each beneficiary)
- Trust name, trust date and trustee (when naming a trust). Written in the format of Nassau's sample designation, with "Trust" checked as the relationship
- Corporate Resolution (when a corporate officer signs for a non-individual owner)
- Complete the Designation of Trust Owner and Beneficiary form (OL2346E)
- Provide the trust name, trust tax ID, trust date, trust mailing address, the individual trustees, and whether the grantor, trustee, or any trust beneficiary resides outside the U.S.
- OL2346E states the change "is not effective unless accompanied by a complete Certification and Acknowledgement of Trust Agreement (OL4132A)"
- All trustees sign; a corporate trustee signs through an officer and attaches a Corporate Resolution
- Complete Section 3 with the premium payor name exactly as it will appear on future wires or checks
- The current owner signs Section 4; a Massachusetts resident must obtain a disinterested witness signature
Required Documents
- Designation of Trust Owner and Beneficiary (OL2346E) (to make the trust the contract owner and beneficiary)
- Certification and Acknowledgement of Trust Agreement (OL4132A) (with OL2346E). Nassau's own trust certification. The ownership change is not effective without it
- Trust name, trust date, trust taxpayer identification number and trust mailing address
- Names of the individual trustees
- Whether the grantor, a trustee or any trust beneficiary resides outside the U.S.
- Signatures of all trustees. A corporate trustee signs through an officer
- Corporate Resolution (for a corporate trustee)
- Premium payor name. Entered in Section 3 exactly as it will appear on future wires or checks
- Current owner's signature (Section 4)
- Identifying documentation for the trust. OL2346E states that for entities such as trusts "identifying documentation is also required" under the USA PATRIOT Act
- Copy of the trust agreement (if Nassau requests it). OL4132A reserves that right
What Nassau Life says about beneficiaries and trusts
Each section is Nassau Life's own statement, with the document it comes from numbered under Sources.
Who can be named2
- A person
Each beneficiary is named in full. Nassau cannot accept class designations such as "per stirpes," "lawful/all my children," "issue" or "descendants," and cites OFAC compliance.1
- A trust
A trust can be named as beneficiary, with "Trust" checked as the relationship and the designation written like Nassau's sample: "Patrick W Smith Irrevocable Trust Dated October 15, 1995, Richard Jones, Trustee."1
How many beneficiaries, and how shares are split
What a designation takes to be effective
- All accounts
The current owner signs and dates the form. A non-individual owner signs in its capacity, and a corporate officer attaches a Corporate Resolution.1
If community or marital property law applies (AZ, CA, ID, LA, NV, NM, TX, WA, WI) and the spouse is not the sole beneficiary, the spouse may need to consent. The form states the Company is not liable if required consent was not obtained.1
Beneficiary forms Nassau Life issues1
- Designation of Beneficiary (OL122A)
Completed by the current owner. Available to download.1
Return to
Mailing address: PO Box 22012, Albany, NY 12201-2012 (overnight: 15 Tech Valley Drive, Suite 201, East Greenbush, NY 12061-4142)
What Nassau Life's agreement says about beneficiaries2
- No beneficiary survives
The form pays primary beneficiaries first, then contingent beneficiaries if no primary is living at the insured's death, then the owner or the owner's estate if no contingent is living.1
State requirements Nassau Life statesMassachusetts, Florida
Which accounts a trust can hold2
Trust account forms Nassau Life issues2
- Designation of Trust Owner and Beneficiary (OL2346E)
Completed by the current owner and all trustees. Available to download.4
Return to
Mailing address: PO Box 22012, Albany, NY 12201-2012 (overnight: 15 Tech Valley Drive, Suite 201, East Greenbush, NY 12061-4142)
- Certification and Acknowledgement of Trust Agreement (OL4132A)
Completed by the trustees. Available to download.5
What Nassau Life says about trust accounts3
- A trust as owner of a policy
Naming a trust as beneficiary (OL122A) leaves ownership unchanged. OL2346E changes the owner and the beneficiary to the trust, and is not effective unless it arrives with a completed OL4132A.4
- Who signs for the trust
On OL4132A the trustees certify the trust is in force and that the insurer may recognize them as having all ownership rights, including the right to surrender the contract, borrow from the policy or assign ownership rights.5
Unless the optional single-trustee box on OL4132A is checked, all trustees must sign to exercise policy rights.5
- Review of the trust document
Nassau reserves the right to require a copy of the trust agreement.5
State requirements Nassau Life statesMassachusetts
- Massachusetts
A Massachusetts resident current owner must obtain a disinterested witness signature on OL2346E.4
Sources
Data sourced from Nassau Life primary sources (21 pages reviewed). How we research.
Download these Nassau Life instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Nassau Life primary sources. Bring it to the branch or keep it beside the phone.
Nassau Life estate support
Nassau Service Center
Phone
Fax (annuity)
Fax (traditional life)
Fax (variable life)
Traditional Life
Pyramid Life / Constitution Life Policies
Mailing address
Website
Estate requests go through general customer service.
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