Estate planning options at Bankers Trust (Iowa)

On a revocable trust or pay-on-death account opened by two or more people, they own it jointly with survivorship. The beneficiaries can withdraw only after all of them have died.¹

An HSA can name primary and contingent beneficiaries, or none. A contingent beneficiary takes only when every primary beneficiary has died.²

A pay-on-death beneficiary takes only if alive when the last owner dies. Two or more who survive own the account in equal shares, with no survivorship between them.¹

The people who open a revocable trust or pay-on-death account may change the beneficiaries, change the type of account and withdraw any of the money at any time.¹

Bankers Trust keeps the right to turn down some forms of ownership and some beneficiary designations, unless the law forbids it, and makes no promise about their effect beyond deciding whom it pays.¹

If an HSA owner named no beneficiary, or the beneficiary died first, the HSA balance goes to the owner's estate.³

An HSA owner can name an attorney-in-fact for the HSA alone on the bank's form, signed before a notary and returned to a branch or by mail to HSA Administration. The agent must be an adult covered by the high-deductible health plan, and the authority ends when the bank learns of the owner's death.^{4, 3}

The account terms are made subject to federal law and Iowa law.¹

Bankers Trust takes on no duty to watch over or enforce the terms of a trust whose trustee opens an account, and it is not responsible for what the trustee does with the money.¹