How to name beneficiaries and fund a trust at Bellco

A POD (payable on death) designation is available on deposit accounts: checking, savings, money market and CDs.¹

Bellco's account agreement reserves the right "to refuse some forms of ownership and beneficiary designations on any or all of our accounts unless otherwise prohibited by law."²

Bellco makes "no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds."²

An IRA beneficiary designation is separate from a deposit account POD designation and must be updated separately.¹

An HSA beneficiary designation is separate from a deposit account POD designation and must be updated separately.¹

A Coverdell beneficiary designation is separate from a deposit account POD designation and must be updated separately.¹

Primary and contingent beneficiaries are named with percentage allocations.¹

For payable-on-death accounts. Completed by the account owner, who signs it in the branch or on a copy mailed after a phone request. Provided at a branch.¹

For IRAs. Sent by the institution on request.¹

On a "Single-Party Account With Pay-on-Death Designation," Bellco's account agreement says that "at death of the party, ownership passes to the designated pay-on-death beneficiaries and is not part of the party's estate."²

On a "Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation," the POD beneficiaries take only at the death of the last surviving party. A POD designation does not cut ahead of a surviving joint owner.²

On a multiple-party account without right of survivorship, the deceased party's ownership share passes as part of their estate.²

Any pledge of the account as loan collateral "must first be satisfied before the rights of any surviving account owner or account beneficiary become effective."²

Bellco names four account types it will title to a trust: Platinum Checking, Free Checking, Premier Money Market and CDs.³

An IRA cannot be retitled to a trust.³

An HSA cannot be retitled to a trust.³

A Coverdell ESA cannot be retitled to a trust.³

Every grantor and trustee must qualify for Bellco membership.³

Membership comes through a Colorado county of residence or work, family of a member or a Select Employee Group employer. An out-of-state trustee can qualify by joining the Bellco Foundation.³

Trust accounts are applied for in person at a branch, with the application marked as being used for a trust. The accounts are then titled to the trust rather than to the individual or joint owners.³

All trustees must sign the signature cards.³

Under Bellco's account agreement, a fiduciary account "may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders."²

By opening a fiduciary account, Bellco is "not acting in the capacity of a trustee in connection with the trust" and does not "undertake any obligation to monitor or enforce the terms of the trust or letters."²

Investment and wealth advisory accounts, through financial advisors at Bellco branches¹