How to name beneficiaries and fund a trust at Canvas CU

POD designation is available on all Canvas deposit accounts: checking, savings, money market and certificates.¹

Each account is designated individually; a POD payee on one account does not carry to another.¹

IRA beneficiaries are designated on the retirement paperwork when the account is opened, not on a deposit-account POD form.¹

HSA beneficiaries are designated on the HSA paperwork when the account is opened, not on a deposit-account POD form.¹

A POD payee may be a person.¹

A POD payee may be a trust.¹

A POD payee may be an organization.¹

A POD payee may be an organization.¹

A trust can be named as the beneficiary of an IRA, which cannot be retitled to a trust.²

A trust can be named as the beneficiary of an HSA, which cannot be retitled to a trust.²

Each POD payee receives an equal share: the Member Service Agreement divides the funds by the number of payees designated. Canvas does not record percentage allocations.³

All account owners sign or authorize the updated service form. A signature is required to complete a change, so a change asked for by phone is finished by returning the signed paperwork by mail or in a branch.¹

For payable-on-death accounts. Completed by all account owners. Sent by the institution on request.³

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If a POD payee dies before the owner, that payee's share goes to the deceased payee's estate, not to the surviving payees and not to the owner's estate. Where the deceased payee was the only one named, the whole balance goes to that payee's estate.¹

Canvas members irrevocably waive the right to make a testamentary disposition of any Canvas account ("Waiver of Testamentary Account Distributions"). Joint survivorship and POD designations control and supersede any inconsistent instruction in a will.³

A change made by mail is not effective until Canvas receives and records it.¹

Retitling an account to the trust replaces the deposit-account POD designation, because the trust terms then control distribution.²

An IRA cannot be retitled to a trust.²

An HSA cannot be retitled to a trust.²

For trust accounts. Completed by the trustees. Sent by the institution on request.²

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Under Member Service Agreement Provision 4.h, any trustee may act alone on the account, but Canvas may require all trustees to agree before another trustee is added or removed. Canvas has no duty to tell the other trustees when one acts alone.³

A named successor trustee has no rights to the account or its funds until proof of succession and authority is delivered to and verified by Canvas.²

Canvas may require proof of authority before accepting a check payable to the trust for deposit, and may require it to be deposited into the trust's own account.²

Trust parties must meet Canvas membership eligibility (live or work in Colorado, or otherwise qualify).²

Every person or organization associated with the trust, including grantors, trustees, successor trustees and beneficiaries, agrees to indemnify and hold Canvas harmless. Canvas may require them to sign an indemnification agreement.²

Transfer on death designations and trust retitling for investment accounts¹