How to designate beneficiaries at Amarillo National Bank
Beneficiaries are managed online
There are two ways to keep your Amarillo National Bank accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
Amarillo National Bank has 17 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Required Documents
- Each beneficiary's first and last name, date of birth, address and phone number
- Each beneficiary's percentage share
- Each beneficiary's tax ID and relationship to the owner (if the owner chooses to give them)
Required Documents
- Each beneficiary's first and last name, date of birth, address and phone number
- Each beneficiary's percentage share
- Each beneficiary's tax ID and relationship to the owner (if the owner chooses to give them)
What Amarillo National Bank says about beneficiaries and trusts
Each section is Amarillo National Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
On a one-owner account with a P.O.D. designation, the account goes to the named beneficiaries when the owner dies and stays out of the owner's estate.1
On a joint account that carries both survivorship and a P.O.D. designation, the surviving owners keep it, and the beneficiaries take it once the last owner has died.1
- Trust account
In an account titled as a trust account, the trustees own the funds and the beneficiary cannot withdraw while any trustee is living. When the last trustee dies the beneficiary becomes the owner.1
- Convenience account
A convenience signer can make transactions for the owner but owns nothing, and takes the account at death only if also named as a P.O.D. payee or trust account beneficiary.1
How many beneficiaries, and how shares are split
- All accounts
An account opened online can name up to 30 beneficiaries, each with a percentage share, and the application takes contingent beneficiaries as well as primary ones.2
What Amarillo National Bank's agreement says about beneficiaries3
- A designation and a will
The terms warn that the type of account chosen can decide who gets the money at death, and that a will may not control some accounts.1
- No beneficiary survives
A one-owner account with no P.O.D. designation goes into the owner's estate and passes under the will or, without one, to the heirs.1
- Which state governs the account
The account terms are made subject to federal law and Texas law.1
What Amarillo National Bank says about trust accounts1
- Review of the trust document
Opening an account for a trust does not make the bank a trustee, and it takes on no duty to watch over or enforce the trust's terms.1
Accounts handled elsewhere1
- Personal Trust & Estate Administration Services
Trusts and estates where the bank serves as trustee, executor or agent3
Phone: 1-806-378-8350
Not in Amarillo National Bank's published guidance7
- A beneficiary designation form
- Who may be named as beneficiary
- What a designation takes to be effective
- Which trust documents it accepts
- A trust account form
- How long a change takes
- Changing or revoking a designation
Sources
(5)·
Data sourced from Amarillo National Bank primary sources (37 pages reviewed). How we research.
Download these Amarillo National Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Amarillo National Bank primary sources. Bring it to the branch or keep it beside the phone.
Amarillo National Bank estate support
Trust, Investment and Retirement Services (Wealth Management)
Phone
Website
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