The New York 20885 form is a document used to establish a trust as a beneficiary for life insurance and annuity policies. It is specifically designed for trusts that are not created through a will, ensuring that the trust's terms align with the policy's beneficiary designation. Completing this form accurately is essential for proper management of the trust and its associated policies.
To fill out the New York 20885 form, click the button below.
The New York 20885 form serves as a crucial document for individuals establishing a trust as the beneficiary of life insurance or annuity policies. This form is specifically designed for trusts that are not testamentary, meaning they are not created within a will. It requires thorough completion of several key items, including details about the proposed insured, policy numbers, and the trust itself, such as its name, date of establishment, and the identities of the trustees. Notably, the form mandates that all trustees sign unless the trust agreement allows them to act independently. Additionally, it includes sections for affirming the trust's status and the relationship of the beneficiaries to the insured parties. For those managing in-force policies, specific forms for changing beneficiaries and transferring ownership are referenced, ensuring that all necessary actions are taken in compliance with New York Life's requirements. The form also emphasizes the importance of proper documentation, as New York Life reserves the right to request a copy of the trust agreement if needed. With clear instructions on where to submit the form based on the policy type and the owner's location, this document plays a vital role in the administration of trust-related insurance matters.
NEW YORK LIFE INSURANCE COMPANY
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (A Delaware Corporation)
NYLIFE INSURANCE COMPANY OF ARIZONA (Not licensed in every state)
STATEMENT OF TRUST - (For Trusts other than Testamentary Trusts)
Instructions:
•Use this form for Life and Annuity policies (new business and inforce changes).
•Do not use this form for a Testamentary Trust (a trust created within a will).
•Items 1-10 on page one must be completed in full.
•Complete page three and secure required signatures.
•For inforce policies, the Change of Beneficiary form (21131) and Transfer of Ownership form for life policies (21132) can be found in the Transfer of Ownership Life Kit (form 22600). The Transfer of Ownership form for annuity policies can be found in the Transfer of Ownership Annuity Kit (form 22599).
•Agent Certification section on page three must be completed and signed by agent - if your agent is assisting you with this change. If completing this form without an agent and the owner is a trust, please provide a copy of the trust agreement.
•In all instances New York Life reserves the right to request a copy of the trust if we deem it necessary.
Complete items 1-10 before proceeding
1.PROPOSED INSURED(s)/INSURED(s)/ANNUITANT(s)
2.POLICY NUMBER(s)
3. I/We affirm that the Trust Agreement created by
as Grantor/
SettLOr/Trustor is in effect and contains the following information:
4.Trust Name:
5.Trust Date:
6.State where Trust Established
7.Beneficiary(ies) of Trust:
8.Relationship of Trust Beneficiary(ies) to Proposed Insured(s)/Insured(s)/Annuitant(s):
9. Name(s) of Trustee(s):
Note: If more than one Trustee, we require all Trustees to sign applicable forms, unless we receive a copy of the Trust stating that the Trustees can act independently.
10.Relationship of Trustee(s) to
Proposed Insured(s)/Insured(s)/Annuitant(s):
RETURN FORM TO:
For Variable Life and Variable Annuity policies:
New York Life, Variable Products Service Center
Madison Square Station, PO Box 922, New York, NY 10159
For all other policies:
If You Live In: AL, CT, DC, DE, FL, GA, IL, IN, KY, MA, ME, MD, MI, MS, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WI, or WV, return this form to:
New York Life, Cleveland Service Center
PO Box 6916, Cleveland, OH 44101
If You Live In: AK, AR, AZ, CA, CO, HI, IA, ID, KS, LA, MN, MO, MT, NE, ND, NM, NV, OK, OR, SD, TX, UT, WA, or WY, return this form to:
New York Life, Dallas Service Center
PO Box 130539, Dallas, TX 75313-0539
Other: (i.e. foreign address, etc) return form to either location above.
20885 (1/10) Page 1 of 3
Please read this page and secure required signatures on page three.
STATEMENT REGARDING TRUST AS POLICY BENEFICIARY
I/We affirm that the beneficiary designation for each policy listed agrees with a Trust Agreement created by the Grantor and dated as shown on page one.
For Life Insurance Policies:
If, before the proceeds are paid, the Insurer(s) receives proof that the Trust as policy beneficiary is not in effect at the Insured’s death, the proceeds shall be paid to the contingent beneficiary(ies), if any. Otherwise, the proceeds shall be paid in a single sum to the Owner, if the Owner is living at that time. If the Owner is not living at that time, the single sum shall be paid to the Owner’s Estate.
For Annuity Contracts:
Please see your Agent/Registered Representative for payment methods available upon death of the Owner/Annuitant.
For Life Insurance Policies and Annuity Contracts:
Before the Insurer(s) pays the proceeds at death, it may ask for proof that the Trust is in effect;
The Owner possesses all rights of ownership of each policy including the right to change the beneficiary designation at any time even if there is a contrary provision in the Trust Agreement. This applies to revocable and irrevocable trusts; The Insurer(s) will not have any liability after it pays the proceeds of each policy, as set forth in this Statement;
The Interest of the Trust(s) in each of these policies shall be subject to any assignment of that policy made before or after this Statement.
STATEMENT REGARDING TRUST AS OWNER
I/We affirm that the Trust Agreement created by the Grantor as shown on page one (and the trust date as shown on page one) agrees with the following:
1.The Trustee(s) have full authority to pay premiums.
2.The Trust Agreement contains no limitations on the ownership rights of the Trust(s) as owner(s) of the insurance/annuity policies.
20885 (1/10) Page 2 of 3
IMPORTANT: The Internal Revenue Service (IRS) requires that the named Owner complete the following:
(The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding).
Taxpayer Identification Number and Backup Withholding Certifications
Policyowner’s Taxpayer Identification Number is
Under penalties of perjury, I certify that the number shown above is my correct Taxpayer Identification Number. I further certify that I am a U.S. person (including a U.S. resident alien).
I also certify that (please check only one box):
I have been notified by the IRS that I am subject to backup withholding.
I am not subject to backup withholding because (a) I have not been notified that I am subject to backup withholding as a result of failure to report all interest or dividends, or (b) the IRS has notified me that I am no longer subject to backup withholding.
/
X
Date
Grantor(s) signature
Grantor(s) signature, if required
Trustee(s) signature
Trustee(s) signature, if required
Proposed Insured(s)/Insured(s)/Annuitant(s) signature
Additional Signature, if required
Applicant(s)/Owner(s) signature, if other than above
\
If the indicated policy is corporate-owned, provide signatures and titles of two corporate officers below.
Print Name & Title of OfficerPrint Name & Title of Officer
Officer’s Signature
AGENT CERTIFICATION
(if Agent assists with completion of form)
By signing below I attest that I have reviewed the identifying trust document(s) described on page one and that the document(s) appeared to be genuine and original.
Print Name of Agent/Registered Representative
Agent/Registered Representative’s Signature
20885 (1/10) Page 3 of 3
Completing the New York 20885 form requires careful attention to detail. This form is essential for establishing a trust as a beneficiary for life insurance and annuity policies. After filling out the necessary sections, it is important to secure the required signatures and return the form to the appropriate service center based on your state of residence.
Once you have completed items 1-10, proceed to page three to secure the necessary signatures. If an agent is assisting you, they must complete the Agent Certification section. After all signatures are obtained, return the form to the appropriate service center based on your state of residence.
The New York 20885 form is designed for individuals or entities that wish to designate a trust as the beneficiary or owner of life insurance and annuity policies. This form is specifically for trusts that are not testamentary, meaning they are established outside of a will. By using this form, policyholders can ensure that the trust receives the benefits from the policy upon the insured's death or other triggering events. It is important to follow the instructions carefully to ensure that all required information is provided and that the form is processed correctly.
Any policyholder who wants to designate a trust as the beneficiary or owner of their life insurance or annuity policy should complete the New York 20885 form. This includes individuals who have established a trust and wish to ensure that the benefits from their insurance policies are directed to that trust. Additionally, if the owner of the policy is a trust, the form must be completed to affirm that the trust agreement is in effect and that it complies with the necessary requirements. It is also advisable for those completing the form without an agent to provide a copy of the trust agreement for verification purposes.
The form requires several key pieces of information to be filled out in full. Specifically, items 1-10 must be completed, which include details about the proposed insured, policy numbers, trust name, trust date, and the names and relationships of trustees and beneficiaries. Additionally, the form includes sections for signatures from the grantor, trustees, and the proposed insured. If there are multiple trustees, all must sign unless the trust document states otherwise. This thorough completion ensures that the insurance company can properly process the request and verify the trust's authority.
Once the New York 20885 form is completed and signed, it should be sent to the appropriate service center based on the type of policy and the state of residence. For variable life and variable annuity policies, the form should be sent to the New York Life Variable Products Service Center in New York. For all other policies, the form should be sent to either the Cleveland Service Center or the Dallas Service Center, depending on the state of residence. It is crucial to ensure that the form is sent to the correct location to avoid delays in processing.
Incomplete Information: Failing to fill out all required items on page one (items 1-10) can lead to delays or rejection of the form.
Wrong Form Usage: Using the New York 20885 form for a testamentary trust instead of a trust other than testamentary can result in the form being deemed invalid.
Missing Signatures: Not securing the necessary signatures on page three can cause processing issues. All required parties must sign the form.
Trust Agreement Not Provided: If completing the form without an agent and the owner is a trust, a copy of the trust agreement must be included. Omitting this can lead to complications.
Incorrect Beneficiary Designation: Not ensuring that the beneficiary designation aligns with the trust agreement can lead to disputes or payment issues later.
Failure to Include Taxpayer Identification Number: Not providing the correct Taxpayer Identification Number can result in backup withholding and other tax-related complications.
Ignoring State-Specific Instructions: Not adhering to the specific return address based on your state of residence can delay processing of the form.
The New York 20885 form is often used in conjunction with several other important documents. Each of these forms plays a critical role in managing life insurance and annuity policies, especially when a trust is involved. Below is a list of commonly associated documents.
Understanding these forms and their purposes can help ensure that all necessary steps are taken when managing life insurance and annuity policies associated with a trust. Proper documentation is essential for smooth transactions and to avoid potential issues in the future.
The New York 20885 form is similar to the Change of Beneficiary form (21131). Both documents serve the purpose of updating or modifying beneficiary designations on life insurance policies. While the 20885 form specifically addresses trusts as beneficiaries, the Change of Beneficiary form allows policyholders to designate or change individual beneficiaries. Both forms require detailed information about the policyholder and the beneficiaries, ensuring that the intended recipients of the policy benefits are clearly identified and legally recognized.
Another document akin to the New York 20885 form is the Transfer of Ownership form for life policies (21132). This form is used when a policyholder wishes to transfer ownership of their life insurance policy to another individual or entity, such as a trust. Similar to the 20885, the Transfer of Ownership form requires information about the policy, the current owner, and the new owner. Both documents aim to ensure that ownership rights and beneficiary designations are accurately recorded and maintained.
The Trust Certification form is also comparable to the New York 20885 form. This document is used to verify the existence and terms of a trust when it is named as a beneficiary or owner of a policy. Like the 20885 form, the Trust Certification form requires information about the trust, including the names of trustees and beneficiaries. Both forms serve to confirm the legitimacy of the trust and its authority to receive benefits from the insurance policies.
The Beneficiary Designation form is another document that shares similarities with the New York 20885 form. This form allows policyholders to designate who will receive the benefits of their insurance policy upon their passing. While the 20885 form specifically addresses trusts, the Beneficiary Designation form can be used for individuals or entities. Both forms ensure that the wishes of the policyholder regarding who receives the benefits are clearly articulated and legally binding.
Additionally, the Ownership Change Request form has a parallel function to the New York 20885 form. This document is used when a policyholder wishes to change the ownership of an insurance policy, which can include transferring it to a trust. Like the 20885 form, it requires specific information about the policy, current owner, and new owner. Both forms focus on the legal transfer of rights and responsibilities associated with the policy.
The Trust Amendment form is another document that bears resemblance to the New York 20885 form. This form is used to make changes to an existing trust, such as updating beneficiaries or trustees. Similar to the 20885, the Trust Amendment form must provide details about the trust and its terms. Both documents ensure that any changes to the trust are documented and that the insurance policies reflect the current intentions of the trust's grantor.
The Estate Planning Questionnaire also shares similarities with the New York 20885 form. This document is often used to gather comprehensive information about an individual's assets, including life insurance policies and trusts. While the 20885 form focuses specifically on trusts as beneficiaries, the Estate Planning Questionnaire helps in understanding how all assets, including trusts, are managed and distributed. Both documents play a critical role in ensuring that estate plans are executed according to the individual’s wishes.
Finally, the Will form can be compared to the New York 20885 form in terms of designating beneficiaries. A will outlines how an individual’s assets, including life insurance proceeds, should be distributed upon death. While the 20885 form specifically deals with trusts, both documents require clear identification of beneficiaries and aim to ensure that the deceased's wishes are honored. Each serves as a vital tool in estate planning and asset distribution.
When filling out the New York 20885 form, it's essential to follow specific guidelines to ensure accuracy and compliance. Here are ten important dos and don'ts to keep in mind:
Understanding the New York 20885 form can be challenging, and there are several misconceptions that often arise. Here are seven common misunderstandings along with clarifications to help you navigate this important document.
By addressing these misconceptions, you can ensure a smoother experience when dealing with the New York 20885 form. Being informed helps you avoid potential pitfalls and ensures compliance with the requirements set forth by New York Life.
When dealing with the New York 20885 form, it's essential to understand its purpose and requirements. Here are some key takeaways to keep in mind:
Understanding these key points will help ensure that the form is completed accurately and submitted correctly, facilitating a smoother process for managing your trust-related insurance policies.