How to name beneficiaries and fund a trust at Addition Financial

POD is available on deposit accounts: checking, savings, money market and share certificates.¹

An IRA does not take a POD designation. The IRA beneficiary designation is a separate record from the deposit-account POD designation, updated by phone or at a branch.¹

An HSA does not take a POD designation.¹

A trust can be named as an IRA beneficiary.¹

A trust can be named as an HSA beneficiary.¹

The Account Card provides four principal and two contingent beneficiary slots. The card has no percentage field; branch staff ask for any split you want recorded on the account record.¹

One of the four ownership elections on the Account Card must be initialed. Leaving the block blank leaves the account in whatever form it already carries.¹

The owner signs and dates the card's "AUTHORIZATION" block. A change requested by phone is not final until a new Account Card is signed.¹

For payable-on-death accounts. Available to download.^{1, 2}

Under the Terms & Conditions, a single-party account with a POD designation passes to the POD beneficiaries and is not part of the estate. A single-party account without one passes as part of the party's estate.³

Under the Terms & Conditions, a multiple-party account with right of survivorship passes to the surviving parties. With a POD designation, it passes to the POD beneficiaries only at the death of the last surviving party.³

A multiple-party account without right of survivorship passes the deceased party's share through that party's estate.³

The Account Card is a Master Agreement that "applies to all accounts and sub-accounts that I have with the credit union," so a new card can restate the designation across the owner's deposit accounts.¹

Trust accounts are grouped with estate, representative payee, UTMA, VA and guardianship accounts as "Specialty Accounts," all of which require an in-branch appointment.⁴

Eligible deposit accounts are checking, savings, money market and share certificates.¹

An IRA cannot be retitled to a trust. A trust can be named as its beneficiary instead.¹

An HSA cannot be retitled to a trust. A trust can be named as its beneficiary instead.¹

For trust accounts. Available to download.¹

The Terms & Conditions state the credit union "is not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters." The trustee is responsible for staying within the trust's terms.³