How to name beneficiaries and fund a trust at Capitol Federal

A beneficiary gains no rights in a payable-on-death account until the owner dies. While living, the owner can change the beneficiaries, change the account type and withdraw any of the money.¹

When two or more people open a payable-on-death account, they own it jointly with survivorship. A beneficiary takes the account only once every owner has died, and only if that beneficiary is still living.¹

The bank may take the owner's word on who the trust's beneficiary is and need not read the trust document. If it decides it wants to see the trust document, the owner must provide it.¹

A beneficiary named on a properly completed IRA designation form claims a share by proving identity and providing the IRA holder's death certificate.²

A trust can be named on an IRA. When the IRA holder dies, the money moves to an inherited IRA in the trust's name, and a surviving spouse who benefits from the trust cannot roll it into an IRA of the spouse's own.²

A minor can be named on an IRA but cannot control the money. The bank's article says a parent has to be appointed conservator by a probate court to manage it until the child comes of age.²

Two or more surviving payable-on-death beneficiaries own the account together as tenants in common, unless the designation says otherwise.¹

If no payable-on-death beneficiary is living when the last owner dies, the bank pays the account to that owner's legal representatives.¹

The bank pays IRA money to the beneficiaries per capita: if one of several primary beneficiaries dies first, that share goes to the others named, not to that beneficiary's heirs.²

The bank's article warns that a will may not decide who receives an IRA: where the will and the beneficiary form disagree, the form can control.²

Beneficiary changes go on the bank's forms, and the most recent designation it has received cancels and replaces any earlier one on that account.¹

An account follows the law of the state of the branch where it was opened, which may differ from the owner's home state. An account opened online is treated as a Kansas account.¹

A trust account is a non-personal account, not a consumer account.¹

If the owner wants to change an account's classification, title or form of ownership, the bank may require the account to be closed and a new one opened.¹

The bank does not act as a fiduciary for the owner, even on an account titled as a trust account.¹

The agreement sets no rules of its own for successor trustees: it leaves the trustee's duties, the appointment of successor trustees and the running of the trust to state law.¹

Revocable trust accounts are among the account ownerships that can be enrolled in True Blue Online banking.⁴

Trusts where the bank serves as trustee, co-trustee or agent for the trustee⁵