How to name beneficiaries and fund a trust at Transamerica

In My Life Access, a life insurance owner can see the policy's current beneficiaries and submit a beneficiary change, with forms and document uploads online.¹

Individual annuities use a different service line and a different form set from individual life insurance.²

A trust can be named, written with its complete name and the trust date.³

Where a trust is named beneficiary, Transamerica is not responsible for how the trustee disposes of proceeds paid to the trustee.³

A trust can be named beneficiary of an individual annuity with the Trustee Certification of Trust Document and Trustee Powers form (81604938).^{4, 5}

If a funeral home is named, Transamerica states the proceeds may exceed the funeral cost and the funeral home may not be obligated to refund the remainder. A collateral assignment may be an option instead.³

Shares are written as percentages, not dollar amounts: primary beneficiaries total 100% and contingent beneficiaries separately total 100%.³

Multiple beneficiaries share equally unless otherwise indicated. A share passes per stirpes when "per stirpes" is written after the name.³

All policy owners sign. On a trust-owned policy the trustees sign in Section 4 with their title as trustee, and an agent under a power of attorney signs in that capacity.³

A beneficiary named "Irrevocable" must consent to and sign every later beneficiary change, and may have to sign other policy changes and disbursements.³

For life insurance policys. Completed by all policy owners. Available to download.³

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For life insurance policys. Completed online.⁶

For annuitys. Available to download.^{4, 5}

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Leaving the primary section of the form blank keeps the current primary beneficiary. Leaving the contingent section blank revokes the current contingent designations.³

A payment to a minor beneficiary is made to the legally appointed guardian of the estate or conservator of the minor, unless otherwise permitted by law.³

Any beneficiary payment is subject to the interest of a collateral assignee on the policy.³

In community property states, Transamerica assumes no community or marital property interest in an ownership transfer unless it is notified of one.⁷

When the policy transfers, any authorized third parties or third-party investment advisors of the former owner are removed. The new owner signs new paperwork to recognize them again.⁷

In Massachusetts, the owner's signature on the beneficiary change form must be witnessed by someone over 18 who is not related to the owner and is not a named beneficiary.³

Transamerica accepts a trust, revocable or irrevocable, as the new owner of a life insurance policy. The ownership transfer form does not change the policy's beneficiary.⁷

Form 81604938 is required whenever a trust is named as owner or beneficiary of a B-Share, I-Share II, Advisory Annuity or Structured Index Advantage annuity.^{4, 5}

The owner name must be the trust's legal name. The annuitant must have a bona fide relationship to the trust and is used to determine eligibility for and payment of benefits; a trust not under U.S. law, or with a non-U.S. trustee, grantor or beneficial owner, needs prior approval.⁵

Optional living and death benefits are available on revocable and irrevocable trust-owned annuities. On a revocable trust the living-benefit annuitant must be the person whose SSN the trust files under, and spouses may have joint living benefits; an irrevocable trust has none.⁵

For life insurance policys. Completed by the current owner and the new owner. Available to download.⁷

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For annuitys. Completed by every trustee. Available to download.⁵

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The trustee signs with wording similar to "John Doe, trustee under XYZ Trust dated _-_-_", and the trust date is required. Current and new owners sign and date every transfer, and any assignee signs too.⁷

For a change of trustee only, the ownership form is not used. A Trust Certification Form is sent with documentation of the named trustee's resignation, removal or death and the replacement trustee.⁷

Transamerica asks for the first page and the signature page of the trust rather than the whole instrument, and reserves the right to request the full trust document.^{7, 5}