How to name beneficiaries and fund a trust at Ohio National

The owner may change the primary or contingent beneficiary at any time if the current designation is revocable. The change is made on Form 3116 (Life Insurance Designation of Beneficiary).¹

Annuity beneficiary changes use the Beneficiary Change Request (V-4614). It replaces every designation on file, so both primary and contingent beneficiaries are given, restating the tier that is not changing.²

Under the Joint GLWB Rider, the participating spouse must be the sole primary beneficiary or a joint owner. Otherwise the joint benefits end while the full rider charge continues, and AuguStar requires a signed acknowledgement before processing the change.^{2, 3}

On a contract owned by a custodian, the custodian must remain the primary beneficiary. Changes are made with the custodian.^{2, 3}

A plan-owned contract cannot designate a new beneficiary at AuguStar; the plan remains primary beneficiary. Changes are made with the plan administrator.^{2, 3}

A trust can be named as beneficiary. AuguStar "will not pay an individual trustee but rather the trust as a whole," performs no administration or payment restrictions within a trust, and the named trustee distributes the funds per the trust terms.³

A testamentary trust can be named; it does not need the trust's creation date.³

AuguStar's planning material states: "Life insurance policy proceeds can be paid directly to the trust."⁴

Percentages must be whole percentages totaling 100%. If no percentages are given, AuguStar pays equal shares.²

If the owner is married, lived during the marriage in a community property state listed on V-4614 and has not named the spouse as sole primary beneficiary, the spouse signs the consent on page 3 of the form before a notary public.²

The contract owner signs and dates the form, and both owners sign a jointly owned contract; a trust-owned contract is signed with the signer's title. AuguStar reserves the right to request an original signature.²

For annuitys. Completed by the contract owner; both owners on a jointly owned contract. Available to download.²

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For annuitys. Available to download.³

For life insurance policys. Completed by the policy owner. Sent by the institution on request.^{1, 5}

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If a beneficiary dies before the annuitant, that beneficiary's portion is divided into equal shares among the surviving beneficiaries, unless "per stirpes" is written directly behind the beneficiary's name.²

AuguStar must receive the Beneficiary Change Request within 90 days of the signature date. A confirmation letter is sent once the change is processed.²

For a Massachusetts resident, the form must be witnessed by an unrelated and disinterested third party who is not a named beneficiary.²

A trust can become owner of an annuity through the Ownership Change Request (V-4611) with the Trustee Certification (V-4603). Changing the ownership ends any systematic withdrawal currently processing on the contract.⁶

Under certain versions of the Single GLWB Rider, ownership can change to a trust without violating the rider only if the current owner is the sole beneficial owner of the trust. If the rider terminates, one final charge is assessed on the contract anniversary.⁷

Under the Joint GLWB Rider, ownership can change to a trust if the current owner is the sole beneficial owner; the participating spouse may also be a beneficial owner but not the sole one. A violation ends the joint benefits while the full charge continues.⁷

Where the Trustee Certification accompanies an ownership change to the trust, the trustees certify that the current owners of the annuity are the sole beneficial owners of the trust.⁸

For annuitys. Completed by all current and new owners. Available to download.⁶

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For annuitys. Available to download.⁷

For annuitys. Completed by all trustees. Available to download.⁸

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AuguStar's planning material states: "The ILIT will own and be the beneficiary of a life insurance policy." The trust is established by the client and an estate planning attorney.⁹

The Trustee Certification may be submitted in lieu of the full trust documents, except that full trust documents are needed when successor trustee information must be reviewed.⁷

AuguStar's forms page describes the Trustee Certification with "Submit a full copy of the Trust document."⁵

The Trustee Certification says whether one trustee may act alone, a majority must act, or all must act unanimously. If no box is checked, AuguStar requires all signatures for any request.⁸

AuguStar must receive the Ownership Change Request within 90 days of the signature date.⁶