How to add a beneficiary to a trust or foundation

Before you are able to update any beneficiary entitlements (in terms of percentage or amount), you must first determine who is a beneficiary for the client. To do so, you must form a relationship.

To add a beneficiary to a trust or foundation

1. Click Client administration > Lists > Clients.
2. Locate and double-click the client you would like to work with.
   
    You may also right-click and select Properties.
   
   
3. Click the Relationships tab.
4. Click Form a relationship.
5. In What type of relationship are you creating? select Beneficiary.
   
   
   
   
6. Next, add the person or party who you want to set as a beneficiary in the lookup box right below.
7. Proceed through form and click Finish.
   
    Once three beneficiaries have been created, a new tab will appear called Beneficiary. Primacy does this whenever three or more relationships are formed. If you are working with anything less than three, the relationships will display in the General tab.
   
   
8. Locate and double-click the relationship in the list.
9. Click the  Beneficiary tab.
10. In the Trust distribution type dropdown, select either Capital, Income, or Capital and income. 
    
    
    
     This dropdown is important because it will determine what options you can select when adding, modifying, or paying a beneficiary entitlement. Take note of what you have selected for future use.
    
    
11. Click Save and close.
    
     If you want to end the relationship, go back to the General tab and select the To date and Status reason, then click Save and close. The new valid To date will update in the list.
    
     If you are planning on updating the beneficiary entitlement, the beneficiary must have a bank account set up. To do so, click open the person's Properties > Payment details > Add bank details. Fill out the form and click Save and close.

See also

How to add or modify a beneficiary entitlement

How to create a a payment distribution