Estate planning options at Burke & Herbert Bank
Preparing your Burke & Herbert Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at Burke & Herbert Bank vary across 19 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
No beneficiary form at Burke & Herbert Bank
What Burke & Herbert Bank says about beneficiaries and trusts
Each section is Burke & Herbert Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Payable-on-death account
A payable-on-death account lets the owners transfer the account to the named beneficiaries. Between two or more owners it is treated as a joint account with right of survivorship.1
How many beneficiaries, and how shares are split
- All accounts
Beneficiaries are primary unless marked contingent. Two or more surviving beneficiaries take equal shares, with no survivorship between them, unless the designation says otherwise.1
What Burke & Herbert Bank's agreement says about beneficiaries5
- Changing or revoking a designation
The owners may change the named beneficiaries at any time by a written direction in a form the bank accepts.1
- What the owner keeps while living
The owners may withdraw all or part of the funds at any time. A beneficiary gains the right to withdraw only by surviving every owner.1
- No beneficiary survives
If no beneficiary survives the owners, the account becomes an individual account of the one surviving owner, or a joint account with survivorship if more than one owner survives.1
- Powers of attorney over a living owner's account
The bank must approve the form of any appointment of an agent under a power of attorney. An authorized signer named on the account has no ownership and no rights at the owner's death.1
- The institution's right to refuse a designation or an account title
The bank may decline to follow, or ask for an indemnity before following, account instructions for a trust, will or court order that it believes could expose it to claims.1
Which accounts a trust can hold1
- Trust account
The bank treats a formal trust account as a fiduciary account, one held by a person acting for the benefit of another.1
What Burke & Herbert Bank says about trust accounts1
- Review of the trust document
The bank may require the documents and authorizations it considers necessary to confirm the authority of whoever directs a trust account, and keeps honoring that authority until written notice that it has changed or ended.1
Accounts handled elsewhere1
- Burke & Herbert Trust Services
Trusts and estates the bank administers as trustee or fiduciary2
Not in Burke & Herbert Bank's published guidance7
- What the owner provides to name a beneficiary
- A beneficiary designation form
- Who may be named as beneficiary
- What a designation takes to be effective
- Which trust documents it accepts
- A trust account form
- How long a change takes
Sources2
Sources
Data sourced from Burke & Herbert Bank primary sources (33 pages reviewed). How we research.
Download these Burke & Herbert Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Burke & Herbert Bank primary sources. Bring it to the branch or keep it beside the phone.
Burke & Herbert Bank estate support
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