How to name beneficiaries and fund a trust at Bangor Savings
Covers 11 deposit, 2 retirement, and 2 lending accounts — beneficiaries must be updated in-branch
Bangor Savings Bank, PO Box 930, Bangor, ME 04402
Bangor Wealth Management (Trust & Estate Services)
Bangor Savings Bank, Attn: Wealth Management, PO Box 930, Bangor, ME 04402
Customer Support / Branch Services (no dedicated estate claims unit)
Bangor Savings Bank, PO Box 930, Bangor, ME 04402
Preparing your Bangor Savings accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
Bangor Savings has 15 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 will require probate if nothing is set up. Each is covered below.
- For deposit accounts: request POD (Payable on Death) designation with beneficiary full legal name, date of birth, Social Security number, and relationship
- For IRA accounts: complete the IRA Beneficiary Designation form with primary and contingent beneficiary sections
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- POD/ITF designation is made on the account signature card/form -- the deposit account agreement provides that the bank relies on the ownership and beneficiary designation shown on that signature card/form for all purposes relating to the account
- POD and ITF designations are not available on Maine ABLE Benefit Checking or on any fiduciary account
- The bank makes no representation that a POD or ITF designation is appropriate for your situation, and has no obligation to notify a beneficiary that the account exists or that an interest has vested -- tell your beneficiaries yourself
- Bangor Savings Bank does not offer online beneficiary self-service; designations are made in branch, by phone-requested form, or by mail
- Trust beneficiary designations may require a copy of the Certification of Trust
- IRA beneficiary changes for married account holders may require spousal consent depending on state law
Sources
Data sourced from Bangor Savings primary sources (19 pages reviewed). How we research.
Download these Bangor Savings instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Bangor Savings primary sources. Bring it to the branch or keep it beside the phone.
Bangor Savings Bank, PO Box 930, Bangor, ME 04402
Bangor Wealth Management (Trust & Estate Services)
Bangor Savings Bank, Attn: Wealth Management, PO Box 930, Bangor, ME 04402
Customer Support / Branch Services (no dedicated estate claims unit)
Bangor Savings Bank, PO Box 930, Bangor, ME 04402
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