How to name beneficiaries and fund a trust at Arkansas Federal

A payable-on-death designation is available on deposit accounts: checking, savings, money market and certificates.¹

For a certificate, the Term Share Certificate Account Disclosure itself carries the Beneficiary(ies) and Ownership Type fields.²

IRAs pass by a beneficiary designation held with the retirement account paperwork, separate from deposit-account payable-on-death designations.¹

HSAs pass by a beneficiary designation held with the retirement account paperwork, separate from deposit-account payable-on-death designations.¹

Every trust account must name a beneficiary, so the designation is made when the trust account is opened.³

A natural person can be named as a beneficiary.⁴

A charity or non-profit organization can be named. The Account Agreement requires it to still be validly constituted, registered, or licensed under applicable state law when the owner dies.³

A trust can be named as beneficiary of an IRA.¹

A trust can be named as beneficiary of an HSA.¹

Funds are paid to the beneficiaries of record in equal shares unless the owner designated otherwise.³

Primary and contingent beneficiaries can be named with share allocations.¹

On the death of the last surviving trustee, the balance is distributed to the beneficiaries then living in equal shares unless the trust documentation says otherwise.³

Completed by prepared by the credit union and signed by the owner. Provided at a branch.¹

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A payable-on-death beneficiary has rights to the account only after the owner and every joint owner have died.³

If no named beneficiary is alive at the owner's death (or, for a charity, no longer validly constituted), the funds are paid to whoever applicable law requires.³

If a trust account shows payable-on-death status, the beneficiary takes only once the settlor has died, and the trust terminates if that beneficiary dies first.³

IRAs cannot be retitled to a trust.¹

HSAs cannot be retitled to a trust.¹

Trust accounts cannot be opened online.¹

A trust account will be opened only if the trust documentation presented is acceptable to the credit union's underwriting policies.³

The settlor of a revocable or living trust must be a member of the credit union.³

Any withdrawal of trust account funds is deemed a revocation of the trust to the extent of that withdrawal, unless the trust documentation says otherwise.³

Where more than one trustee is on the account, any trustee may withdraw or pledge shares acting alone unless two signatures are required. If trustees make conflicting demands, the credit union may require every trustee to sign.³

On the death of one trustee, all rights pass to the surviving trustee.³

In digital banking, a trust with its own tax identification number registers as a business account. A trust using the grantor's Social Security number appears in the personal account list with no separate login.⁵

Retirement and investment accounts, which follow LPL Financial's own retitling procedure⁶