How to give over a life insurance beneficiary status?

Know that there may be a contingent beneficiary to the policy.

Your late uncle named you as his beneficiary on the insurance company beneficiary designation form. The insurance company is required to distribute the policy proceeds to you. Once it does so, you may gift the proceeds to anyone you choose. Given the $5,340,000 Gift and estate Tax exemption, the gift would not be taxable to you.