How to name beneficiaries and fund a trust at BCU

The beneficiary (POD) designation attaches to the membership, not to a single account. The ownership and survivorship features of the savings account apply to every other account under the same member number, including sub-accounts.¹

To hold accounts with different beneficiaries, BCU issues an additional member number or sub-account number on request. One membership cannot carry two different POD splits.²

Retirement accounts are the exception to the membership designation: an IRA uses a separate IRA beneficiary designation. At claim time BCU issues a Payment Election form.^{1, 2}

Beneficiary shares are always equal: "Each beneficiary's share of the funds in the account will be determined by dividing the amount of the funds in the account by the number of beneficiaries designated on the account." Two beneficiaries split 50/50.²

Percentage allocations are not accepted.²

A designation cannot be added, changed or removed by verbal instruction alone; BCU sends the form for signature. A printed form needs a wet signature.²

Completed by the member. Sent by the institution on request.²

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If a beneficiary or POD payee dies before the member, that beneficiary's share goes to their estate on the member's death, not to the surviving beneficiaries.¹

The agreement states that, where state law permits, the member irrevocably waives the right to dispose of these account funds by will. The POD and survivorship features on BCU's records control and supersede an inconsistent will.¹

Designations are not viewable in Digital Banking. They can be confirmed by phone, through Live Chat or at a branch.²

A trust membership can hold checking, savings, money market and certificate accounts.³

An IRA cannot be owned by a trust.³

No liability, such as a mortgage or loan, can be held under a trust account.³

A credit card cannot be held under a trust account.³

For trust accounts. Completed by each currently acting trustee. Sent by the institution on request.³

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Sent by the institution on request.³

A trust at BCU is a separate trust membership, not a retitling of an existing consumer account. BCU accepts both revocable and irrevocable trusts.³

For a revocable trust, the trustor named in the trust must be a BCU member or eligible for membership. For an irrevocable trust, the trustor must already be a member.³

BCU opens a trust account only when the trust document states the trustees may act independently on financial decisions. Co-trustee trusts that require joint action are not supported.³

BCU can list successor trustees on a trust membership.³

A successor trustee cannot be listed as Trustee #1 or #2 unless applying as an acting trustee because an original trustee has died or become incapacitated, and BCU requires documentation of that.³

An irrevocable trust must supply the IRS letter confirming its EIN.³