How to name beneficiaries and fund a trust at Bayer Heritage

The designation applies to all sub-accounts under the regular savings or member number, except IRAs and Coverdell education savings accounts.¹

IRA beneficiaries are designated separately from the member-number designation and may name different people.¹

Coverdell education savings account beneficiaries are designated separately from the member-number designation and may name different people.¹

Unless the designation says otherwise, at the death of the last surviving account owner all living beneficiaries own the account in equal shares.¹

Unequal shares are given to the credit union in writing, as percentages totaling 100%, when the beneficiaries are designated. If they do not total 100%, the credit union may default to equal shares or ask you to correct the designation.²

All account owners sign the designation.²

Completed by all account owners. Sent by the institution on request.²

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If unequal shares were chosen and a beneficiary dies before the last surviving owner, that beneficiary's unassigned portion is re-designated equally among the surviving beneficiaries.²

The credit union may 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.²

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.²

A "Revocable Trust or Pay-On-Death Account" opened by two or more people is owned jointly with survivorship. A beneficiary cannot withdraw until all who created the account have died, and they keep the right to change beneficiaries, change account types and withdraw at any time.¹

A "Revocable Trust or Pay-On-Death Account" opened by two or more people is owned jointly with survivorship. A beneficiary cannot withdraw until all who created the account have died, and they keep the right to change beneficiaries, change account types and withdraw at any time.¹

A "Revocable Trust or Pay-On-Death Account" opened by two or more people is owned jointly with survivorship. A beneficiary cannot withdraw until all who created the account have died, and they keep the right to change beneficiaries, change account types and withdraw at any time.¹

A "Revocable Trust or Pay-On-Death Account" opened by two or more people is owned jointly with survivorship. A beneficiary cannot withdraw until all who created the account have died, and they keep the right to change beneficiaries, change account types and withdraw at any time.¹

The Texas account selection notice adds a "Trust Account" form, in which the named trustees own the account in proportion to their net contributions and a beneficiary may not withdraw before all trustees are deceased.¹

On the death of the last surviving trustee of a Texas "Trust Account," the account passes to the beneficiary and is not part of the trustee's estate.¹

Trust accounts are opened using Bayer Heritage's share (savings) and share draft (checking) products.³

Certificates can also be held in trust title.³

IRAs cannot be titled to a trust.³

Coverdell education savings accounts cannot be titled to a trust.³

Completed by every named trustee. Sent by the institution on request.³

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Every named trustee signs the trust account paperwork, and only the named trustees may transact on the account afterward.³

Under the Account Disclosure's fiduciary accounts clause, an account may be opened and maintained by a person named as trustee under a written trust agreement.¹

The credit union states it is not acting as trustee, is not responsible for a fiduciary's misuse of funds, and has no obligation to monitor or enforce the terms of the trust.¹