How to name beneficiaries and fund a trust at Thrivent

A life insurance beneficiary can be changed online, by selecting the contract and then "Update beneficiaries", or on Form 307.^{1, 2}

An annuity beneficiary can be changed online, by selecting the contract and then "Update beneficiaries", or on Form 307.^{1, 2}

Thrivent Funds mutual fund beneficiaries can be viewed online, at the bottom of the Account Details page. A change requires the Thrivent Funds Beneficiary Designation Request (MF307).^{1, 3}

Brokerage account beneficiaries (Thrivent Investment Management Inc.) can be viewed through "Manage your brokerage account". A change goes through your Thrivent financial advisor.¹

Thrivent Funds TOD is not available on accounts registered as trusts, corporations, estates, tenants in common, custodial accounts, or community property without rights of survivorship.³

If a trust owns a contract, Thrivent cannot accept a beneficiary other than the trust as the sole primary beneficiary.^{2, 4}

Under Section 5 of Thrivent's bylaws, a life or annuity contract may name the member, a spouse, child, parent or other person related to the member by blood, marriage or legal adoption, foster parents, a betrothed, or dependents.⁵

Group designations are limited to children, sons, daughters, brothers, sisters, half-brothers, half-sisters, grandchildren, great-grandchildren, granddaughters and grandsons. Step-children are not included unless legally adopted.^{2, 4}

A spouse can be named as the beneficiary of a life or annuity contract under Section 5 of Thrivent's bylaws.⁵

Where not prohibited by law, the member's estate can be named as the beneficiary of a life or annuity contract under Section 5 of Thrivent's bylaws.⁵

Charities, churches, educational institutions and nonprofits may be named as the beneficiary of a life or annuity contract with Thrivent's consent.⁵

Certain other entities may be named as the beneficiary of a life or annuity contract with Thrivent's consent.⁵

When a trust is the beneficiary, the trust's own beneficiaries must be eligible under Thrivent's bylaws when a claim is paid. Proceeds cannot be paid to the trust if they are not.⁵

A trust can be named as a Thrivent Funds beneficiary by giving the trust's name and the date the trust was established.³

A testamentary trust can be named on Form 307 by giving the exact trust name in the will, with "Testamentary Trust" as the relationship.²

A primary beneficiary is named and contingent beneficiaries are optional. If percentages are used, they must equal 100% in each class.^{2, 4}

All contract owners sign Form 307. A spouse and an irrevocable beneficiary also sign where applicable.²

All account owners sign Form MF307.³

An irrevocable beneficiary must consent to later beneficiary changes, loans, withdrawals, surrender, dividend option changes and long-term care claim payments on Care Forward contracts.^{2, 4}

An irrevocable beneficiary must consent to later beneficiary changes.^{2, 4}

Completed by all contract owners. Available to download.^{2, 6, 7}

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For investment accounts. Completed by all account owners. Available to download.^{3, 6}

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A beneficiary who dies at the same time as the insured or within 15 days is treated as having predeceased the insured. A 15-day survival provision in the contract itself controls where there is one.^{2, 4}

Naming a Thrivent Funds TOD beneficiary on a joint or community property account elects a right of survivorship, and no transfer occurs until the death of all owners.³

In Massachusetts, a witness signature is required on Form 307.²

A trust-owned life insurance contract is documented with the Certification of Trust (Form 24143A).⁸

A trust-owned annuity contract is documented with the Certification of Trust (Form 24143A).⁸

An existing Thrivent Funds account moves into the trust on the Ownership Change form (MF23432), with the Certification of Trust (Form 24143A).^{9, 8}

Completed by all currently acting trustees. Available to download.^{8, 6}

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For investment accounts. Available to download.^{9, 6}

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On the Certification of Trust, the trustees select whether transactions need all trustees, a majority, or any one trustee. If no box is selected, Thrivent requires all trustees to act.⁸

No Thrivent representative has authority to analyze trust documents or give advice on completing the Certification of Trust.⁸

If a revocable trust that owns a contract is not in effect at the insured's death and there is no living beneficiary, payment goes to the designated grantors equally, otherwise to the estate of the last grantor to die.⁴

Thrivent Trust Company, a federally chartered subsidiary, can serve as successor trustee, or as executor or personal representative, in all 50 states.^{10, 11}

Thrivent Trust Company is not authorized to draft estate planning documents. It reviews an estate plan against its preferred trust and will language memorandum at no charge.^{10, 11}

Thrivent Trust Company charges no fee to safekeep a document naming it and charges fees only when it serves. Its minimum is $300,000 for a Personal Trust Services account and for an estate settlement account.^{10, 11}

Deposit accounts; Thrivent Bank is a separate Utah-chartered industrial bank¹²

Brokerage accounts; beneficiary changes go through a Thrivent financial advisor¹