How to name beneficiaries and fund a trust at SBLI

A trust can be named as beneficiary in the Trust Beneficiary section of the Beneficiary Change Form, with the Declaration of Trust included.^{1, 2}

A minor can be named as beneficiary, with the name and contact information of the minor's UTMA custodian.^{1, 2}

The owner gives each primary and contingent beneficiary a percentage of benefits. If no percentages are shown, proceeds are paid in equal shares.¹

The owner signs and dates the form. If the previous beneficiary designation was irrevocable, that beneficiary must also sign the request.^{1, 3}

Online forms are for a single signature only.²

For life insurance policys. Completed by the policy owner. Available to download.^{1, 3}

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For life insurance policys. Completed by the policy owner, with a disinterested witness. Available to download.^{4, 3}

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The new designation replaces any prior beneficiary designation on the policy.¹

If the current policy owner has died, SBLI requires a certified copy of the death certificate with an ownership change request.³

Massachusetts residents cannot change a beneficiary online. SBLI states that Massachusetts law requires a written beneficiary change request witnessed by a disinterested person over 18 (Form K-107-MA).^{3, 4}

The owner's signature must be witnessed by a disinterested third party at least 18 years old who is not the insured, the owner or a beneficiary.⁴

For life insurance policys. Completed by the current policyowner and the trustees. Available to download.⁵

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Ownership of a policy is changed to a trust with the Ownership Change Form - Trust Ownership Designation (Form K-71C), signed by the current policyowner and the trustees.⁵

Form K-71C transfers ownership to the named trustees "or said Trustee(s)' successor or successors, as Trustees under the" named trust.⁵