How to name beneficiaries and fund a trust at Busey

Busey's deposit Terms and Conditions call a deposit account with a POD beneficiary a "Revocable Trust or Pay-On-Death Account."¹

An IRA CD beneficiary designation is handled separately from a deposit-account POD designation, on its own beneficiary designation paperwork.²

A health savings account beneficiary designation is handled separately from a deposit-account POD designation, on its own beneficiary designation paperwork.²

A trust can be named as beneficiary of an IRA CD.³

A trust can be named as beneficiary of a health savings account.³

Under Busey's deposit agreement, if two or more POD beneficiaries are named and survive the owner, "such beneficiaries will own this account in equal shares, without right of survivorship."¹

Joint account holders may need to agree on beneficiary designations.²

The owner reserves the right to change beneficiaries, change account types, and withdraw all or part of the account funds at any time.¹

A named POD beneficiary cannot withdraw until all persons who created the account have died and that beneficiary is then living.¹

Beneficiary changes for deposit accounts typically require in-branch documentation.³

For Indiana, Busey's agreement describes registration under Indiana's Transfer on Death Property Act, under which lineal-descendants-per-stirpes substitutes and contingent beneficiaries take "in equal shares or according to the percentages or fractional" shares named.¹

Deposit accounts (checking, savings, money market and CDs) can be retitled to a revocable living trust through any banking center.³

An IRA CD cannot be retitled to a trust.³

A health savings account cannot be retitled to a trust.³

Sent by the institution on request.³

Busey's deposit Terms and Conditions permit a fiduciary account "opened and maintained by a person or persons named as a trustee under a written trust agreement."¹

The bank says that "by merely opening such an account, we are not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters."¹

Trust administration, estate settlement and advisory; trustee, co-trustee, successor trustee or corporate executor^{4, 5}