How to name beneficiaries and fund a trust at Reliance Standard

A trust can be named on an annuity. The request gives the trust name and date and the trustee name, with a Trust Certification (EF-2989).¹

The group claim form (EF-1036) provides for a trust beneficiary on group life, voluntary life and AD&D. At claim time the trustee gives the trust tax identification number and sends a complete copy of the trust agreement.²

Each primary and contingent beneficiary is given a percentage, and the percentages in each class must total 100%. If no percentages are entered, benefits are divided equally within the class.³

Percentages must total 100% in whole numbers. A request that does not total 100% is not accepted, and the original designation stays in effect.¹

A spouse signature is required when an owner lives in a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI).¹

For life insurance policys. Available to download.^{3, 4}

For annuitys. Available to download.¹

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The Annuity Owner Portal shows the beneficiary names on file. A change is made on the Beneficiary Change Request (EF-3531).⁵

The Annuity Owner Portal is open only to natural-person owners. Trusts and corporations do not have access.⁵

On a jointly owned annuity, the surviving owner becomes the primary beneficiary.¹

Reliance Standard does not accept a last will and testament as a beneficiary designation.¹

An annuity beneficiary change takes effect on the date the form is received in the administrative office.¹

Annuity benefits are paid per capita: the share of a beneficiary who died before the owner is paid equally among the surviving beneficiaries.¹

On group coverage, unless the insured indicates otherwise, the share of a beneficiary who dies first is divided pro rata among the surviving beneficiaries of the same class.³

A trust can be made the owner of a non-qualified annuity on the Ownership Change Request (EF-3533) with a Trust Certification (EF-2989). Ownership changes are available only on non-qualified annuity contracts.⁶

For annuitys. Completed by the trustee. Available to download.⁷

For annuitys. Available to download.⁶

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If new beneficiaries are not submitted with an ownership change, the beneficiary becomes the estate of the new owner until new beneficiaries are designated.⁶

Existing systematic withdrawals stop once the ownership change is completed.⁶

On the Trust Certification (EF-2989), the trustee certifies that the trust is in force, that the trustee was duly appointed, and that the trust permits the trustee to exercise the annuity contract's ownership rights.⁷

The trustee agrees to tell Reliance Standard in writing of any trust amendment or trustee change.⁷