How to name beneficiaries and fund a trust at National Life Group

A life policy's beneficiary is named on the Beneficiary Agreement Request (Cat. No. 40447).¹

The same Beneficiary Agreement Request serves annuity contracts. Where an annuity contract is covered, "policy" means "annuity contract" and "Insured" means the named individual upon whose death the annuity death benefit will be paid.¹

An annuity beneficiary change goes on the Beneficiary Agreement Request, not the Policy Change Request for Annuity (Cat. No. 100305), which states: "Do not use this form to request a Change of Beneficiary."^{1, 2}

A trust can be named. The designation includes successor trustees, an amended trust remains the named beneficiary, and payment to the trust is a full discharge of the company's liability.¹

A trust under the insured's will is named in the form's standard wording: "Trustee or any successor trustee under the last will and testament of the Insured."¹

The "Estate of Insured" can be named; the Estate means the court appointed executors or administrators. The form notes this designation could require opening an estate through the probate court before payment can be made to the estate representative.¹

A minor is named in the form's standard wording: "(guardian/custodian name) as custodian for (minor's name) under the [State] Uniform Transfers to Minors Act (UTMA)."¹

The form names first (primary) and second (contingent) beneficiaries with a percentage for each. A contingent beneficiary receives if there is no existing first beneficiary.¹

The owner signs and dates the form. Corrections, mark-outs and erasures must be initialed by the policyowner.¹

A spouse's signature is required if the policy is governed by ERISA.¹

Completed by the policyowner. Available to download.^{1, 3}

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A new Beneficiary Agreement Request revokes any prior beneficiary designations.¹

The agreement is effective as of its date of execution and upon its recording at the Administrative/Home Office. National Life records it and returns a copy to the owner, to be filed with the policy.¹

If there are no applicable state laws, a beneficiary who survives the insured but dies before noon of the tenth day after the insured's death is considered as not having survived the insured.¹

If a beneficiary is a minor at the time of claim, National Life may require a certified copy of the court appointment of a legal guardian for the estate of the minor.¹

A Massachusetts resident needs a witness signature on a policy that is not an annuity, and a named beneficiary cannot be the witness.¹

National Life's Spousal Consent Attestation notice tells owners in Arizona that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in California that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Idaho that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Louisiana that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in New Mexico that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Nevada that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Texas that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Washington that a spouse may have rights to the benefits under state community property law.¹

National Life's Spousal Consent Attestation notice tells owners in Wisconsin that a spouse may have rights to the benefits under state community property law.¹

NL and LS life policies move to a trust owner on the Owner Change form (Cat. No. 40328).⁴

NL, VL & CL annuity contracts issued by National Life Insurance Company use the Owner Change form. LSW annuities and NL annuities beginning with NG use the Policy Change Request for Annuity, which their service pages list as the Change of Owner form.^{4, 2, 5, 6}

Available to download.⁴

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For annuitys. Available to download.²

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Available to download.¹

The Owner Change form's trust block takes an irrevocable trust or a revocable trust as new owner.⁴

All trustees must act together unless the box authorizing each trustee to act independently is checked.⁴

For a change of trustee on a trust that already owns the policy, the current trustees and the grantor sign as current owner, and all new trustees sign as new owner.⁴

In the Trust Certification the trustees certify that the trust is in full force and allowed to own the policy, and agree to provide evidence of any successor trustee appointment and notice of any termination, amendment or modification of the trust.⁴

The Policy Change Request for Annuity states that an ownership change is a possible taxable event.²

The original policy or certificate need not be sent with the Policy Change Request for Annuity. National Life records the change and sends an endorsement to be kept with the policy or certificate.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Arizona.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in California.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Idaho.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Louisiana.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in New Mexico.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Nevada.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Texas.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Washington.²

On the Policy Change Request for Annuity, a spouse's signature is required on all requests in Wisconsin.²