How to name beneficiaries and fund a trust at Axos

Deposit-account POD beneficiaries are set by request to Axos Bank.¹

A TOD registration is available on an individual account or an eligible joint account: joint tenants with rights of survivorship, tenants by the entirety, or community property with rights of survivorship.²

Assets that cannot pass by a brokerage TOD include insurance policies, annuities, limited partnership interests, options, and mutual funds not held at Axos Advisor Services.²

Joint tenants without rights of survivorship cannot create a TOD account.²

The IRA Beneficiary Designation or Change Request is for IRAs only. It is not accepted for TOD accounts, employer-sponsored plan accounts, or any other non-IRA account.³

A beneficiary is a named individual, trust or entity.^{2, 3}

A trust can be named as a beneficiary.^{2, 3}

A trust named on a TOD must be identified by the date of the trust agreement and the trustee serving at the time of designation. A successor trustee is deemed included.²

If the trust is revoked or terminated before the owner dies, the designation is treated as if that beneficiary died before the owner.²

Each beneficiary takes a percentage share. Primary shares must total 100% and contingent shares must total 100%.^{2, 3}

If TOD percentages total at least 99% but less than 100%, the unallocated remainder is assigned to the first-named beneficiary.²

If IRA percentages do not total 100%, Axos Advisor Services assumes equal shares.³

The IRA form has room for six beneficiaries. More require an Additional Information Account Addendum form.³

The TOD Agreement is not effective until every account holder has signed it and an Axos principal has countersigned it. Axos Advisor Services may refuse any beneficiary designation.²

If the account is subject to community property law and the spouse is not the sole primary beneficiary, the IRA form requires the owner to represent that the spouse has consented.³

For investment accounts. Completed by every account holder, countersigned by an Axos principal. Available to download.²

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For IRAs. Available to download.³

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For IRAs. Sent by the institution on request.³

POD funds become payable to the beneficiaries only on the death of every account owner.⁴

On a POD account, the share of a beneficiary who dies before the owner passes to the remaining beneficiaries.⁴

The TOD Agreement has per stirpes checkboxes.²

The IRA form has no per stirpes option. If a beneficiary dies before the owner, their interest "and the interest of their heirs" ends completely, and the remaining primary shares increase proportionately.³

Only TOD beneficiaries living on the date of death are eligible. If no primary or contingent beneficiary is living, the TOD assets are paid to the account holder's estate.²

The TOD Agreement states that under Nebraska law neither the right of survivorship nor a TOD designation can be altered by will.²

The TOD Agreement is governed by Nebraska law.²

Marriage, divorce, remarriage or adoption does not automatically add or revoke a TOD designation.²

The deposit agreement states you may change your designated beneficiary at any time by submitting a request.⁴

Each new designation supersedes and replaces every prior primary and contingent designation.^{2, 3}

Brokerage TOD and IRA beneficiary changes are effective only once the signed form is received and accepted.^{2, 3}

The Self-Directed Trading Fee Schedule charges $65 per TOD application and $65 per TOD change or revocation.⁵

If the trust will hold a home financed by Axos Bank, the mortgage needs its own trust preapproval before closing: a notarized copy of the fully executed trust agreement and all amendments, the preliminary title report, and a $350 trust review fee.⁶

For Axos Invest brokerage and IRA accounts, the Investment and Banking Multi-Account Application names the "Axos Certification of Trusts" as required paperwork for a revocable or irrevocable trust.⁷

Completed online.⁶

For investment accounts. Completed by every authorized trustee. Available to download.⁸

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The trustees' signatures certify that the trust is in force and existed before the form was signed, that the signing trustee has authority to act (because each trustee may act independently or the other trustees have consented), and that the trustees jointly and severally indemnify Axos Advisor Services.⁸

Axos Invest brokerage and IRA accounts, custodied at Axos Clearing LLC; its line serves advisers, not account owners^{7, 9}