- Normally we think of the insured as the only person that can change the beneficiary. However, that's not always true. The owner of the policy is the only person that can change the beneficiary and normally that's the insured. This is true in Kansas and all the other states. If another person owns a policy on your life, you have no right to change the beneficiary with a beneficiary change form. Only the person owning the policy can do that.
- In Kansas, you can have more than one primary beneficiary and designate how they'll divide the assets. If one of the beneficiaries dies before you do, you can designate the money divided per capita or per stirpes. Per capita means all primary beneficiaries alive at the time of your death divide the assets equally. Per stirpes means that if one or more of the beneficiaries died before you, the money that would go to that person goes to their descendants, such as children or grandchildren.
- Beneficiary designation forms allow you to change the beneficiary to a natural person or a trust -- referred to as a non-natural person. If you name a trust as the beneficiary, all the trustees of the trust must sign the form. If you have an irrevocable beneficiary on the policy, you can't change the beneficiary at any time.
- Beneficiary change forms may require the Social Security number of the beneficiary but it isn't Kansas law. This is a protection for the insurance company and your beneficiary, particularly if they have a common name such as Mary Jones. The correct identification of the recipient protects the insurance company from the liability of paying the wrong person. It also enables the true beneficiary to identify herself easily as the proper recipient of the funds.
- In Kansas, you aren't required to have a disinterested witness sign the beneficiary change form. However, it is still smart to do and many insurance companies suggest you do. A disinterested witness is one not named as a beneficiary and typically should not be related to you.
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