How to name beneficiaries and fund a trust at Bank of America
Covers 7 deposit, 5 retirement, 2 investment, and 2 lending accounts — beneficiaries can be managed online
Bank of America, PO Box 25118, Tampa, FL 33622-5118
Estate Servicing Operations
Bank of America, Estate Servicing Operations, PO Box 31655, Tampa, FL 33631-1655
Estate Servicing Operations (ESO)
Bank of America, Estate Servicing Operations, PO Box 31655, Tampa, FL 33631-1655
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 16 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
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Only individual, co-owned personal accounts, and sole proprietor business accounts are eligible for POD
- Account owners and co-owners cannot be POD beneficiaries
- Trusts, estates, charities, and businesses can be named as beneficiaries
- Sole business owners cannot name their own business as a beneficiary
- No limit on number of POD beneficiaries (each gets equal share)
- In North Carolina, business beneficiaries limited to one per account
- If account is overdrawn when owner dies, POD beneficiary receives nothing and is not liable for the deficit
- IRA beneficiary changes cannot be done online -- must visit a financial center with the completed IRA Beneficiary Change form
- For Merrill Edge accounts, use the Transfer on Death Agreement form (non-retirement) or Retirement Beneficiary Designation form (IRAs)
Sources
Data sourced from Bank of America primary sources (25 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, PO Box 25118, Tampa, FL 33622-5118
Estate Servicing Operations
Bank of America, Estate Servicing Operations, PO Box 31655, Tampa, FL 33631-1655
Estate Servicing Operations (ESO)
Bank of America, Estate Servicing Operations, PO Box 31655, Tampa, FL 33631-1655
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