How to add or modify a beneficiary entitlement

Released in version: 5.46

 Before you can add or modify a beneficiary entitlement, you must first add a beneficiary to a trust or foundation. See how to add a beneficiary to a trust or foundation for further information.

The Update beneficiary entitlement tool allows you to update or modify the beneficiary entitlements for a trust.

To add or modify a beneficiary entitlement

1. Click Client administration > Tasks > Setup > Update beneficiary entitlement.
   
   
   
   
2. In Client, select the trust or foundation you added the beneficiary to. See how to add a beneficiary to a trust or foundation for further information.
   
    Once a client is selected, the Beneficiary dropdown will populate with the assigned beneficiaries for that client.
   
   
3. In Beneficiary, select the beneficiary you would like to modify. Once the beneficiary has been selected, the Income entitlement and Capital entitlementfields will populate with the current information.
   
    If the beneficiary had only Income or Capital selected for the trust distribution type in the previous section, the corresponding option will appear in the form. If Income and Capital was selected, then both will display in the form. Additionally, setting this field to Not set will display both.See how to add a relationship for further details and how to modify this.
   
   
4. In Currency, select a currency.
5. You must select either a % of available balance or an Amount, which is a fixed amount. Enter values where applicable.
6. In Account, elect an account for the beneficiary.
7. Modify the fields where you see fit. 
8. When complete, click Submit.
9. Click Client administration > Lists > Unposted transactions.
10. Under Waiting for approval, locate and right-click the item in the list.
11. Select Approve.

To verify changes

1. Click Client administration > Lists > Clients.
2. Locate and double-click the client you were working with.
   
    You may also right-click the client and select Properties.
   
   
3. Click the Relationships tab > Beneficiaries.
4. Locate, double-click the beneficiary you modified in the previous section.
5. Click the Entitlement tab.
   
    The changes you have made will display.
   
    This tab is read-only and cannot be modified. It is for information purposes only. The only way to modify these values within Primacy is through the Update beneficiary entitlement tool.

See also

How to add a beneficiary to a trust or foundation

How to create a payment distribution