Get the free Owner and Annuitant Change Request Form

BCD Owner/Annuitant Change Request (nonqualified plans only) A Minnesota Life Insurance Company A Security Company Security Annuity Services P.O. Box 64628 St. Paul, Minnesota 551640628 Fax 16516657942

How to fill out owner and annuitant change

How to Fill out Owner and Annuitant Change:

1. Obtain the relevant change form: Start by obtaining the necessary form for changing the owner and/or annuitant of the policy. This form can usually be obtained from the insurance company or financial institution that issued the annuity.
2. Provide policy details: Fill in the required information regarding the policy, such as the policy number, the name of the current owner/annuitant, and any additional details requested on the form.
3. Indicate the desired changes: Clearly state the changes you wish to make regarding the owner and/or annuitant. For example, if you want to change the owner but keep the annuitant the same, or if you want to change both the owner and annuitant, specify that in the appropriate sections of the form.
4. Provide new owner/annuitant details: If you are changing the owner and/or annuitant, provide the necessary details for the new individual(s). This typically includes their full name, contact information, social security number (or other identification numbers), and any other relevant information requested on the form.
5. Sign and date the form: Once you have completed all the required sections, sign and date the form as indicated. Make sure to review the information and ensure it is accurate before signing.
6. Attach any required documentation: Some change forms may require additional documentation, such as proof of identification, legal documentation for name changes, or other supporting paperwork. Be sure to attach any required documents as instructed.
7. Submit the form: After completing the form and attaching any necessary documentation, submit it to the appropriate party. This could be the insurance company, financial institution, or any other entity specified by the instructions provided with the form. It is recommended to keep a copy of the filled-out form for your records.

Who needs owner and annuitant change?

1. Policyholder name change: If the current owner of the annuity policy has undergone a name change due to marriage, divorce, or other legal reasons, it may be necessary to update the owner's information accordingly.
2. Transfer of ownership: In some cases, the current owner of the annuity policy may wish to transfer ownership to another individual, such as a family member or a trust. This could be due to estate planning purposes or as a result of personal preferences or circumstances.
3. Change in annuitant: The annuitant is the person who receives the annuity payments. If there is a need to change the annuitant, such as in cases of death, disability, or a change in financial dependency, then an owner and annuitant change is necessary.
4. Succession planning: Changing the owner and annuitant of an annuity policy may be part of a wider succession planning strategy. This could involve transferring ownership to a family member or a business entity to ensure seamless continuation of the annuity contract in the event of the current owner's incapacity or death.
5. Financial planning purposes: In some cases, changing the owner and/or annuitant may serve specific financial planning goals. For example, a change in ownership may be necessary to protect assets or reposition them for tax planning purposes.

Remember, it is important to consult with a financial advisor or an attorney to ensure that the changes you make to the owner and annuitant are aligned with your individual circumstances and goals.

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