How to name beneficiaries and fund a trust at Bayer Heritage
Covers 9 deposit, 3 retirement, and 4 lending accounts — beneficiaries must be updated in-branch
Member Contact Center
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
Member Contact Center
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
Member Services (via the Member Contact Center)
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
There are two ways to keep your Bayer Heritage accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because Bayer Heritage is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Both methods ensure your accounts transfer directly to the people you choose, without court involvement.
With 16 product types, Bayer Heritage 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.
- Full legal name and residential address for each beneficiary
- Written percentages if you want unequal shares (they must total 100%)
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- No downloadable POD/beneficiary form is published; Bayer Heritage provides the paperwork on request at a branch or by phone
- Account Disclosure, "In General, OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION": unless the designation says otherwise, at the death of the last surviving account owner all living beneficiaries own the account in equal shares
- Unequal shares must be given to the credit union in writing, as percentages, at the time the beneficiaries are designated; percentages must equal 100%
- If the assigned percentages do not equal 100%, the credit union may default to equal-share beneficiary ownership or ask you to correct the designation
- If unequal shares were chosen and a beneficiary predeceases the last surviving owner, that beneficiary's unassigned portion is re-designated equally among the surviving beneficiaries
- The designation applies to all sub-accounts under the regular savings/member number, EXCEPT IRAs and Coverdell Education Savings Accounts, which are designated separately and may name different people
- The credit union reserves the right to refuse some forms of ownership and beneficiary designation, and makes no representation about their appropriateness or effect beyond determining to whom it pays the funds
- State-specific rules apply: the Account Disclosure carries separate OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION sections for West Virginia, Ohio, South Carolina, Pennsylvania, and a Texas Uniform Single-Party or Multiple-Party Account Selection Form Notice
- A Payable on Death designation is not a power of attorney and gives the beneficiary no interest in or access to the account during the owner's lifetime
- Separate from beneficiaries, members can name a Trusted Contact Person on the [Trusted Contact Person Authorization and Information Form](https://www.bayerhfcu.com/assets/files/4oQ3IBXn) — the form states in capital letters that it is NOT a power of attorney and the named person cannot transact on the account
Sources
Data sourced from Bayer Heritage primary sources (27 pages reviewed). How we research.
Download these Bayer Heritage instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Bayer Heritage primary sources. Bring it to the branch or keep it beside the phone.
Member Contact Center
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
Member Contact Center
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
Member Services (via the Member Contact Center)
Bayer Heritage Federal Credit Union, 788 N. State Rt. 2, New Martinsville, WV 26155
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