How to name beneficiaries and fund a trust at North American

On an owner-driven annuity contract, death proceeds are not payable on the death of an annuitant, so no annuitant beneficiary designation is needed.¹

If there are joint annuitants, death proceeds are payable on the death of the second annuitant.¹

A trust can be named in the trust section of the annuity beneficiary form. A charitable trust also requires the Certification of Charitable Trust (26742Z).¹

A trust can be named as beneficiary of a life policy with the Certification of Trust Agreement (L-3172A).²

If a testamentary trust is the sole primary beneficiary of a life policy, North American requires a contingent beneficiary.²

Each beneficiary's percentage of proceeds is required, and the primary and contingent percentages must each equal 100%.¹

If no per stirpes or per capita election is made on the annuity form, per capita applies.¹

The annuity form is signed by the owner and any joint owner. An irrevocable beneficiary must also sign it.¹

In the community property states the annuity form lists (Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), it provides a line for the owner's spouse to sign. Without it, North American may presume no community property interest exists.¹

For annuitys. Completed by the owner and any joint owner. Available to download.¹

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For life insurance policys. Available to download.^{2, 3}

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For annuitys. Completed by the trustees. Available to download.⁴

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For annuitys. Available to download.⁵

If an annuity has joint owners, death proceeds are payable on the death of the first owner, to that owner's primary beneficiary. A surviving owner who is not that primary beneficiary is not entitled to the proceeds on the first owner's death.¹

If no box is checked on the annuity form, the designation is revocable. An irrevocable beneficiary's written consent is required before any later change.¹

The Annuity Beneficiary change request meets the written notice requirement defined in the annuity contract.¹

The Certification of Trust Agreement (L-3172A) is used for a new application owned by a trust, a change of ownership of a policy to or from a trust, and a change of trustees on a policy a trust owns.²

For life insurance policys. Available to download.²

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For annuitys. Completed by the trustees. Available to download.⁴

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For annuitys. Available to download.⁵

A testamentary trust cannot be an owner.²

North American states that it has no responsibility for reviewing or interpreting the trust and will administer the policy based solely on the trustees' representations.²

North American reserves the right to request a copy of the trust documents.²

Corporate trustees submit a corporate resolution or the Certificate of Business Signing Authority (O-2927).²