How to name beneficiaries and fund a trust at Pacific Guardian Life

The Diamond Head MYGA uses its own beneficiary forms.¹

A trust can be named as beneficiary by giving the trust name and the trust date.²

A trust created by a will can be named by giving the article and paragraph number from the will.²

The form states the designation takes effect only when the will is admitted to probate and the trustee claims the proceeds with proof of appointment. If the trust is not clearly identified, settlement may be delayed because a court order may be required.²

For a minor beneficiary, the form provides for a UTMA custodian and successor custodian.²

Each beneficiary is marked primary or contingent with a percentage. Percentages must total 100% for primary beneficiaries and 100% for contingent beneficiaries.²

For each beneficiary the form offers a choice of Rights of Survivorship or Rights of Survivorship Per Stirpes.²

The Consent of Spouse is required when the spouse is living and is not the sole primary beneficiary, in the community property jurisdictions listed on the form: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, Guam and Puerto Rico.²

For a trust-owned policy, all required trustees sign, each followed by "Trustee". A fiduciary or agent signing for the owner gives the legal documentation of authority.²

For a corporation or charity owner, the form requires one officer other than the insured plus a corporate seal, board resolution or certification of corporate records. The FAQ page states both one officer and two officers in different places.^{2, 3}

For an estate-owned policy, the court-appointed representative signs, with a copy of the court documents appointing the representative.^{2, 3}

Available to download.²

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For annuitys. Available to download.¹

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For annuitys. Available to download.⁴

Submitting the Beneficiary Change Request Form revokes all prior beneficiary designations, so it lists everyone to be named.²

The change is effective from the signature date.²

All beneficiary designations are subject to the approval of the corporate office.²

The form states that if no custodian is named by the time a claim is made, a petition to the court is needed to designate a guardian or custodian.²

The form states a UTMA custodian is not available in Vermont.²

The form states a UTMA custodian is not available in South Carolina.²

For an annuity owned by a revocable trust or an irrevocable grantor trust, the Change of Ownership Form states the annuitant must be the grantor.⁵

A contingent owner may not be designated on an annuity.⁶

Group life certificates are not covered by the individual beneficiary and ownership forms.^{2, 5}

Available to download. Must be notarized.⁵

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Available to download.⁷

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

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The Change of Ownership Form states that ownership is transferred absolutely and unconditionally, subject to Pacific Guardian Life's approval, and that the form may not be used for qualified accounts.⁵

Any contingent owner designation is revoked, and the new owner is listed as payor unless instructed otherwise.⁵

The Contingent Owner Designation Form (IL_CONTINOWN 03/23) states a trust cannot take over as contingent owner.⁶

The current beneficiary designation remains in effect unless the new owner changes it. Section 5 of the Change of Ownership Form can change it.⁵

The Certificate of Trust is used to establish initial trust ownership, when trustee authority changes, when a trustee is added or removed, and to activate a successor trustee.⁷