How to name beneficiaries and fund a trust at Bank of America
Beneficiaries are managed online, in branch or by phone. Trust paperwork is taken in branch
The key to protecting your Bank of America 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.
With 17 product types, Bank of America offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
Required Documents
- Beneficiary's legal name and country of citizenship
- Beneficiary's date of birth
- Beneficiary's Social Security number or current address
- Trust name, address, phone number and EIN (for a trust)
- Government-issued photo ID (at a financial center)
- IRA Beneficiary Change form, completed (for an IRA)
- Complete trust document or a Certificate of Trust
- Valid government-issued photo ID for each trustee
- Trust tax identification number (EIN or SSN for revocable trusts)
Required Documents
- Trust document or Certificate of Trust
- Government-issued photo ID (for each trustee)
- Trust tax identification number. An EIN, or the SSN for a revocable trust
- Signature card for the trust account
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
Required Documents
- Beneficiary's legal name and country of citizenship
- Beneficiary's date of birth
- Beneficiary's Social Security number or current address
- Trust name, address, phone number and EIN (for a trust)
- Government-issued photo ID (at a financial center)
- IRA Beneficiary Change form, completed (for an IRA)
- Complete trust document or a Certificate of Trust
- Valid government-issued photo ID for each trustee
- Trust tax identification number (EIN or SSN for revocable trusts)
Required Documents
- Trust document or Certificate of Trust
- Government-issued photo ID (for each trustee)
- Trust tax identification number. An EIN, or the SSN for a revocable trust
- Signature card for the trust account
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
- Legal name and country of citizenship
- Date of birth
- Social Security number or current address
- For trusts: trust name, address, phone number, and EIN
Required Documents
- Beneficiary's legal name and country of citizenship
- Beneficiary's date of birth
- Beneficiary's Social Security number or current address
- Trust name, address, phone number and EIN (for a trust)
- Government-issued photo ID (at a financial center)
- IRA Beneficiary Change form, completed (for an IRA)
What Bank of America says about beneficiaries and trusts
Each section is Bank of America's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
Who can be named6
- An owner of the account
Account owners and co-owners cannot be POD beneficiaries.1
- A trust
A trust can be named as a beneficiary.1
- The estate
An estate can be named as a beneficiary.1
- A charity or nonprofit
A charity can be named as a beneficiary.1
- A business
A business can be named as a beneficiary.1
- The owner's own business
A sole business owner cannot name their own business as a beneficiary.1
How many beneficiaries, and how shares are split
What a designation takes to be effective
- All accounts
Only an account owner can designate POD beneficiaries. The beneficiary does not need to attend the financial center appointment.1
- IRA
In a community property state the IRA form requires the spouse's consent whenever a primary beneficiary other than the spouse is named, signed by the spouse and a witness.2
Beneficiary forms Bank of America issues1
- IRA Beneficiary Change form
For IRAs. Completed by the account owner, at a financial center. Available to download.2
What Bank of America's agreement says about beneficiaries4
- No beneficiary survives
If every POD beneficiary dies before the last account owner and the designation is not updated, the account is handled under other governing documents such as a will or trust, or under the rules of the state.1
- An overdrawn account at death
If the account is overdrawn when the owner dies, the POD beneficiary receives nothing and is not liable for the deficit.1
- Changing or revoking a designation
Changes are made "by visiting a financial center and providing us with proper written notice," or through the Your Beneficiary self-service pages online.1
- When a designation takes effect
No IRA designation is effective unless it is in writing, on the bank's form, and delivered to Bank of America before the participant dies.2
State requirements Bank of America statesNorth Carolina
- North Carolina
In North Carolina, if the beneficiary is a business, only one POD beneficiary is allowed.1
What Bank of America says about trust accounts1
- Whether a new account is opened
Trust accounts for deposit products (checking, savings and CDs) cannot be opened online. A financial center visit is required.3
Accounts handled elsewhere1
- Merrill
Transfer on death agreements, beneficiary designations and trust accounts for Merrill Edge accounts4
Phone: 1-866-848-6554
Sources
Data sourced from Bank of America primary sources (27 pages reviewed). How we research.
Download these Bank of America instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Bank of America primary sources. Bring it to the branch or keep it beside the phone.
Bank of America estate support
Estate Servicing Operations
Phone
Merrill Life Services
Merrill General
Merrill Lynch full-service clients
Private Bank
Fax
Hours
Mailing address
Website
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