How to name beneficiaries and fund a trust at Pacific Life

If an annuity has no designated or clearly identified beneficiary, Pacific Life may pay the death benefit proceeds to the owner's estate.¹

The booklet's sample beneficiary wording covers individuals.²

The booklet's sample beneficiary wording covers the insured's estate.²

The booklet's sample beneficiary wording covers partnerships and corporations.²

The booklet's sample beneficiary wording covers inter-vivos trusts.²

A trust can be named as new primary beneficiary of a PL Promise policy, with the Trust Certification for In-Force Policies (15-47910).³

The booklet's sample beneficiary wording covers testamentary trusts.²

A trust can be named as beneficiary of an annuity on form W25065-23B.¹

Primary and contingent beneficiaries are listed with a percentage share for each.^{2, 3, 1}

The form is signed and dated. When the policyowner or other required signer is a trust, all signatures required by the trust agreement must be included, with the signer's title or signing capacity.^{2, 3, 1}

A signature guarantee may be requested if Pacific Life cannot verify a contract owner's signature.¹

For life insurance policys. Available to download.²

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For life insurance policys. Available to download.³

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For annuitys. Available to download.¹

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

An irrevocable beneficiary designation can only be changed by the policyowner with the irrevocable beneficiary's consent.^{2, 3}

If a minor beneficiary is under the age of majority at the insured's death, Pacific Life holds the death benefit until it receives court certified guardianship letters over the minor's estate, unless a UTMA/UGMA custodian was named.^{2, 3}

The booklet's sample beneficiary wording covers a UTMA/UGMA custodian.²

Life policies issued in New York have a separate form set, linked from the policyowner forms page.⁴

Annuity contracts issued in New York are issued by Pacific Life & Annuity Company and use their own mailing address and phone lines.¹

For individual life insurance, form 15-47910 (printed inside booklet BK-10349) is completed when a trust becomes the policyowner, when a claim is submitted with a trust as beneficiary, and when trustees change.²

A life insurance ownership change invalidates any existing telephone or electronic authorization.²

If the owner of an annuity is updated to a trust, the beneficiary is also updated to the trust.¹

A change of annuity owner may impact optional benefits and cancels any scheduled withdrawal program.¹

For life insurance policys. Available to download.²

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For life insurance policys. Available to download.²

For life insurance policys. Available to download.⁵

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For life insurance policys. Available to download.⁶

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For annuitys. Available to download.¹

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For annuitys. Available to download.⁷

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On form 15-47910, all current trustees sign, and all grantors also sign when ownership is changing to a trust. On form 13077-25A, all authorized trustees sign.^{2, 7}

Pacific Life relies on the Trust Certification for In-Force Policies (15-47910) rather than a review of the trust document, and reserves the right to request a copy of the trust document.²

For annuities, form 13077-25A states: "Do not send a copy of the trust document to Pacific Life."⁷

Annuity contracts issued in New York¹