Estate planning options at Byline Bank
Estate planning for your Byline Bank accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Byline Bank offers 15 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
No beneficiary form at Byline Bank
What Byline Bank says about beneficiaries and trusts
Each section is Byline Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Payable-on-death account
The owners keep full use of a Totten trust account while living. When every owner has died, the beneficiaries who survive become its owners, and the bank pays them once it has proof of the owners' deaths and any other documents it asks for.1
Who can be named1
- An entity other than a trust or a business, payable-on-death accounts
A beneficiary need not be a person: the terms let a beneficiary that is not an individual take the account if it still lawfully exists when the last owner dies.1
What Byline Bank's agreement says about beneficiaries4
- Changing or revoking a designation
The owner can change the beneficiaries by signing a new signature card or other account paperwork that names the new ones.1
- No beneficiary survives
If no named beneficiary is eligible to take the account, it belongs to the estate of the last owner to die.1
- Joint accounts
Owners of a joint account hold it with survivorship, so a deceased owner's share passes to the other owners. A deceased owner is the only one who can be taken off a joint account's title.1
- Powers of attorney over a living owner's account
An agent under a power of attorney can act on the account only after the bank approves the document, and the bank may refuse any power of attorney. It may keep honoring the agent until it learns of an owner's death and has had time to act.1
What Byline Bank says about trust accounts1
- Review of the trust document
Ownership forms beyond individual, joint and Totten trust accounts are set by the account title or the signature record, with any paperwork the bank requires and accepts.1
Accounts handled elsewhere1
- Byline Wealth Management, Trust Services
Trust administration, with Byline as trustee or successor trustee, and estate settlement2
Not in Byline Bank's published guidance8
- What the owner provides to name a beneficiary
- A beneficiary designation form
- An online way to name a beneficiary
- How shares are split among beneficiaries
- Which trust documents it accepts
- A procedure for holding an account in a trust
- A trust account form
- How long a change takes
Sources
(3)·
Data sourced from Byline Bank primary sources (38 pages reviewed). How we research.
Download these Byline Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Byline Bank primary sources. Bring it to the branch or keep it beside the phone.
Byline Bank estate support
Wealth Management
Estate planning articles
Learn how to protect your Byline Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
