Film Musicians Secondary Markets Fund

Providing service and support to film and television musicians.

IMPORTANT INFORMATION ON UPDATES TO BENEFICIARY POLICY

The Film Musicians Secondary Markets Fund works to ensure that the professional musicians who are participants of the Fund receive the residuals they've earned from their work in the film and television industry. Updates to the Fund's processes and policies announced in December 2017 are designed to keep pace with evolving and more complex laws, security and verification requirements. More importantly, the updates are designed to better empower participant Musicians by providing them with the ability to name both a Beneficiary and a Musician's Final Beneficiary (formerly known as a "Beneficiary of Beneficiary").

Please read the important information and updates regarding the changes to the Beneficiary Policy:

  • The new Beneficiary Designation Form provides space for the Musician to name both the Beneficiary to receive residuals after the Musician's passing and also name an individual as the Musician's Final Beneficiary ("MFB") to receive residuals after the death of that Beneficiary.

    • The new Musician's Beneficiary Designation Form will replace and supersede any prior Beneficiary Designation Form previously filed by the Musician with the Fund.
    • The updated Musician's Beneficiary Designation Form, to be used only by Musicians, is located on this website. The interactive fields can be filled out online, but the Form must be printed out, signed by the Musician and notarized, and then sent to the Fund by mail or emailed as a PDF attachment to participantservices@fmsmf.org.
    • Only a MFB that has been designated by the Musician on a Musician's Beneficiary Designation Form can receive residuals after the death of the Musician's Beneficiary. If the Musician chooses not to name a MFB, residuals will cease following the death of the Musician's Beneficiary.
    • Only a living individual may be named as a Musician's beneficiary or a MFB. Organizations, corporations, trusts (other than a trust for the specific benefit of a named individual(s) living at the time of the Musician's death), charities and other non-human entities may not be designated as your Beneficiary or MFB.
    • During his/her life, a Musician can always change or update his/her designation, by submitting a new signed and notarized Musician's Beneficiary Designation Form.
    • As a reminder, to protect the Musician, all Musician Beneficiary Designation Forms must be signed by the Musician and notarized.
    • All Participant Musicians were mailed new Musician's Beneficiary Designation Forms in late December 2017. You can access a copy of the form here.

    FREQUENTLY ASKED QUESTIONS


    Why do I need to update my previous Beneficiary Designation Form?

    The new Beneficiary Designation Form now allows the Musician to name not only a Beneficiary to receive his/her residuals after the Musician's death, but also to name a MFB who would receive residuals after the death of the Beneficiary. The ability of the Musician to name this "Musician's Final Beneficary" is new, and can only be recorded and administered by the Fund if a Musician completes an updated Beneficiary Designation Form and returns it to the Fund.

    What if I don't fill out a new Designation Form, and just leave my prior Beneficiary Designation Form in place?

    In that case, your prior Beneficiary Designation will be followed. Upon your death, the Beneficiary you designated will begin receiving residuals. However, there would be no MFB and residuals will end at the death of your Beneficiary.

    I'm a Musician who has received residuals from the Fund in the past. I heard about this 2017 special mailing from fellow Musicians, but I never received anything. What gives?

    It probably means your mailing address with the Fund was not current. Please confirm that the Fund now has your current address. You can contact the Fund's Participant Services Hotline at (888) 443-6763, or if you have online access, you may update your address by following the instructions located here.

    Can I name someone other than my spouse as my Beneficiary?

    Nothing in the Fund's policy prevents you from doing so; however, different states may have different rules regarding domestic relations. If you intend to name someone other than your spouse as your Beneficiary, we strongly advise you to check with your legal advisor first. The Fund does not, and cannot, offer legal advice.

    Where can I learn more about the background and specifics on the updated policy?

    You can find more information about the Fund's updated Beneficiary Policies by visiting the Fund's website at https://www.fmsmf.org/beneficiary. If you have any questions, please contact us toll free at (888) 443-6763 with any questions or concerns you may have.