How to name beneficiaries and fund a trust at Advantis

For deposit accounts, the POD designation is recorded on the Account Card or on a separate POD Designation form.¹

Sec. 28 of the agreement says: "Any POD beneficiary or trust beneficiary/payee designation shall not apply to IRA accounts, which shall be governed by a separate beneficiary designation." An IRA left off a separate designation does not pass through the account POD.¹

An HSA takes a separate beneficiary designation; the account POD designation does not reach it.¹

A trust can be named as POD payee with the trust documentation Rivermark asks for under sec. 7 (Accounts for Trusts). The credit union may withhold payment until proper evidence of the trustee's authority is provided.¹

A trust can be named as beneficiary on an IRA's separate beneficiary designation.²

A trust can be named as beneficiary on an HSA's separate beneficiary designation.²

An account payable to more than one POD or trust beneficiary/payee is owned jointly in equal shares unless the Account Card or POD Designation form states percentage allocations.¹

For payable-on-death accounts. Sent by the institution on request.¹

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Sent by the institution on request.¹

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If a POD beneficiary dies before the account owner, that share lapses and is divided pro rata among the surviving POD beneficiaries. It does not pass to that beneficiary's own heirs.¹

Rivermark states it has no obligation to notify any beneficiary/payee that an account exists or that their interest has vested.¹

Rivermark does not offer beneficiary maintenance through online or mobile banking; designations are made on signed paper at a branch or by mail.⁴

An IRA cannot be retitled into a trust.²

An HSA cannot be retitled into a trust.²

Sent by the institution on request.²

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Trust accounts are opened at a branch, not online. An existing deposit account can be retitled into the trust rather than closed and reopened.^{1, 2}

Under sec. 7 of the agreement, the trustee warrants that a valid trust exists and that the trustor and primary beneficiary are eligible for credit union membership.¹

Rivermark does not act as trustee and is under no obligation to inquire into a trustee's powers or duties.¹

Funds may be released to any one trustee acting alone, even where the trust names co-trustees.¹

Rivermark may withhold payment to any party until proper evidence of authority is provided, and may rely on any trustee's directions until it receives written notice that the trust was revoked or the trustee changed.¹

The agreement binds the trust, every trustee, successor trustees, and beneficiaries.¹