How to name beneficiaries and fund a trust at Atlantic Union
Beneficiaries are managed in branch. Trust paperwork is taken in branch or by phone
The key to protecting your Atlantic Union accounts is making sure each one has a transfer mechanism in place—either a beneficiary designation or trust ownership. Without one, the account goes through probate, adding time, cost, and court involvement for your family.
Atlantic Union 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.
Beneficiary form at Atlantic Union
POD Beneficiary Designation (for payable-on-death accounts).
- Bring valid government-issued photo ID
- Bring the account number, or the account itself if it is a CD
- Each beneficiary's full legal name and identifying information
- For an IRA, complete separate beneficiary designation paperwork and put any unequal shares in writing
Required Documents
- Government-issued photo ID (at a branch)
- Account number, or the account itself if it is a CD (at a branch)
- Each beneficiary's full legal name and identifying information
- Valid government-issued photo ID for all trustees
- Complete trust agreement or Certificate of Trust
- Trust tax identification number (EIN), if applicable
Required Documents
- Trust agreement, Certificate of Trust or court order. The written trust agreement, a court order establishing the trust, a Certificate of Trust, or other documentation certifying the existence of the trust
- Government-issued photo ID (for every trustee)
- Trust tax identification number (EIN) (if the trust has one)
- Account retitling authorization and signature card. Provided by the bank
- Bring valid government-issued photo ID
- Bring the account number, or the account itself if it is a CD
- Each beneficiary's full legal name and identifying information
- For an IRA, complete separate beneficiary designation paperwork and put any unequal shares in writing
Required Documents
- Government-issued photo ID (at a branch)
- Account number, or the account itself if it is a CD (at a branch)
- Each beneficiary's full legal name and identifying information
What Atlantic Union says about beneficiaries and trusts
Each section is Atlantic Union's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
How many beneficiaries, and how shares are split
What a designation takes to be effective
- Payable-on-death account
The designation is recorded on the signature card, which determines ownership. The bank is also authorized to rely on the ownership information in its deposit system.1
- All accounts
Any owner or co-owner may change the beneficiaries by notifying the bank in writing, so a co-owner can change a designation without the other owner.1
Beneficiary forms Atlantic Union issues1
- POD Beneficiary Designation
For payable-on-death accounts. Completed by the account owner, in branch on the signature card. Provided at a branch.1
What Atlantic Union's agreement says about beneficiaries4
- Changing or revoking a designation
A designation can be changed or removed at any time by notifying the bank in writing and giving it a reasonable opportunity to act on that writing.1
- A beneficiary who dies first
A beneficiary must survive every owner of the account to be paid. The bank pays only after it receives proof that all owners have died.1
- Joint accounts
Joint accounts are deemed joint with right of survivorship. A POD designation on a joint account operates only after every owner has died.1
- What the owner keeps while living
A beneficiary cannot withdraw while any owner is alive. The owner keeps the right to change beneficiaries, change the account type and withdraw the funds at any time.1
What Atlantic Union says about trust accounts2
- Who signs for the trust
On a formal trust account with more than one trustee, each trustee may act independently. The bank does not offer accounts requiring two or more signatures and will not review withdrawals for multiple signatures.1
A trust instrument that requires co-trustees to act jointly will not be enforced at the account level, so such a requirement is an internal control only.1
- Review of the trust document
The bank disclaims all fiduciary duty. It is not responsible for, or liable to, any trust beneficiary for a trustee's actions.1
The bank is not responsible for understanding or enforcing the terms of the trust agreement, court order or letters testamentary, and by opening the account it is not acting as trustee.1
Accounts handled elsewhere2
- Atlantic Union Bank Wealth Management (Trust & Asset Management)
Asset management, wealth banking, and trust and estate services3
Phone: 1-855-244-3767
Fax: 1-804-967-8820
Hours: Monday-Friday 9:00 AM-5:00 PM ET
Mailing address: 4300 Cox Road, Glen Allen, VA 23060
- Raymond James (Atlantic Union Financial Consultants)
Brokerage and investment advisory services, marketed as Atlantic Union Financial Consultants4
Sources4
- 1.Consumer Deposit Account Agreement
- 2.Schedule an appointment
- 3.Atlantic Union Bank Wealth Management
- 4.Atlantic Union Financial Consultants disclosure
Sources
Data sourced from Atlantic Union primary sources (19 pages reviewed). How we research.
Download these Atlantic Union instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Atlantic Union primary sources. Bring it to the branch or keep it beside the phone.
Atlantic Union estate support
Trust & Asset Management (Atlantic Union Bank Wealth Management)
Phone
Atlantic Union Financial Consultants
Fax
Hours
Mailing address
Website
Estate planning articles
Learn how to protect your Atlantic Union accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: a will, living trust, pour-over will, both powers of attorney, living will, and TOD deed.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Transfer on Death Deed
Transfer real property to a beneficiary upon your death without probate. Available in 34 states and the District of Columbia.
Tools for Planning Your Estate
Free tools for planning your estate: what a will or trust costs, whether you need a trust or TOD deed, and how documents are signed.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
How Much Life Insurance Do I Need?
Calculate your life insurance needs based on income, debts, and family situation.
