How to name beneficiaries and fund a trust at BMO

The BMO Handbook treats an account opened "as trustee for a named beneficiary, without other formal trust papers," or with an express POD designation, as a POD Account.¹

A trust can be named as a POD beneficiary on a branch deposit account.²

A trust cannot be named on an Alto account, because Alto beneficiaries must be people.⁴

A trust can be named as a TOD beneficiary on a BMO Funds account.³

On an Alto account each beneficiary must be a natural person with a U.S. Social Security number or ITIN.⁴

An Alto account takes up to five beneficiaries and pays multiple beneficiaries in equal shares, so there are no percentages to allocate.⁴

On the BMO Funds TOD form, primary and contingent beneficiaries are named and percentages must be whole numbers that total 100 percent.³

On the HSA form, primary and contingent beneficiaries are named with whole-number percentages totalling 100 percent.⁵

The BMO Funds TOD form must be received as an original; a photocopy is not accepted.³

For investment accounts. Available to download.³

For health savings accounts. Available to download.⁵

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Any account owner may change beneficiaries without the consent of other owners or beneficiaries.¹

On an Alto account, a power of attorney on the account can also change beneficiaries without the beneficiaries' consent.⁴

A beneficiary must survive all account owners to acquire an interest in the account, but "is not required to survive the death of an Account Owner by any specified period of time."²

On the BMO Funds TOD form, "LDPS" (lineal descendants per stirpes) after a name substitutes that beneficiary's descendants if the beneficiary dies first.³

If none of the beneficiaries survive, the balance is paid to the estate of the last surviving account owner.²

A beneficiary's right to the funds "is subject to our security interest and right of setoff," so BMO can apply the money against what the account owner owed it before the beneficiary is paid.²

Funds payable to a minor beneficiary are paid to the beneficiary's legal representative.²

Between multiple account owners, a POD account is a joint account with right of survivorship, so the POD beneficiaries take nothing until the last owner dies.²

Alto accounts do not appear in BMO Digital Banking, and BMO branch accounts do not appear in Alto Online Banking.⁴

On a Wisconsin Marital Account (opened on or after January 1, 1986 and designated as such), the survivor owns 50 percent of the balance and the deceased party's estate takes the other 50 percent.¹

With a POD designation on a Wisconsin Marital Account, the survivor takes 50 percent and the POD beneficiaries take 50 percent. The BMO Handbook applies this rule only in Wisconsin.¹

The trustee warrants that "if the Account is for a trust, the trust is a domestic United States trust, or, if applicable, a trust governed by the laws of Canada."¹

An Alto account cannot be held by a trust: "An account can't be opened in the name of a business, trust, or in a fiduciary capacity."⁴

Sent by the institution on request.⁶

Sent by the institution on request.⁶

A designation of Authorized Signers "in a form satisfactory to" BMO is required for any account in the name of a company, trust or other non-consumer customer.¹

The Handbook requires the owner to "notify us in writing in advance of any changes in ownership or Authorized Signers," so a change of trustee is reported to BMO before it takes effect operationally.¹

Brokerage and IRA accounts, which are LPL Financial accounts⁷

Trust and fiduciary services, as a Delaware limited-purpose trust company with no depository or financing products⁶

Trust and fiduciary services, with BMO Bank N.A.⁶

Trust and fiduciary services, with BMO Bank N.A.⁶