How to name beneficiaries and fund a trust at Banner Bank

Checking, savings, money market and CD accounts pass by Payable On Death designation.¹

Traditional, Roth, SEP and SIMPLE IRAs pass by the IRA's own beneficiary designation, with primary and contingent beneficiaries. A deposit-account POD designation does not reach an IRA.¹

A Coverdell ESA passes by beneficiary designation.¹

A trust can be named as beneficiary. Banner may require a Certification of Trust.¹

If more than one named POD beneficiary survives, they take equal shares "unless otherwise indicated," so an unequal split must be spelled out on the form.²

A beneficiary change must be made in writing "in a form acceptable to us." Banner does not accept a beneficiary change by phone alone.²

Banner "may require that account changes requested by any account owner ... be evidenced by a signed document" it accepts. If an agent under a power of attorney makes the change, Banner "must approve the form of appointment."²

In the community property states Banner serves (Washington, Idaho and California), an IRA beneficiary change by a married account holder may require written spousal consent.¹

For payable-on-death accounts. Completed by the account owner. Sent by the institution on request.¹

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For IRAs. Completed by the account owner. Sent by the institution on request.¹

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A POD beneficiary acquires withdrawal rights only by surviving all of the account owners.¹

If no named beneficiary survives all owners, the account is treated as an individual or joint account and passes through the estate or to the surviving owner.¹

To prevent financial exploitation of an adult, Banner "may act or decline to act" as permitted by law, including by denying "a transfer of funds, change in ownership, or change in beneficiaries."²

Checking, savings, money market and CD accounts can be titled in the name of a trust, as a new account or by retitling an existing one.¹

IRAs cannot be retitled into a trust. They pass by beneficiary designation, and a trust can be named as beneficiary instead.¹

A Coverdell ESA cannot be retitled into a trust. It passes by beneficiary designation.¹

Completed by the trustee. Sent by the institution on request.¹

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Banner may facilitate trust arrangements but does not give legal advice, so it "cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust."²

If asked to follow instructions it believes might expose it to claims, Banner "may refuse to follow your instructions or may require you to indemnify us."²

Trust titling is not offered inside online account opening; the titling is finished at a branch.¹

Investment advice through registered representatives of LPL Financial³