How to name beneficiaries and fund a trust at Cathay Bank
Covers 11 deposit, 2 retirement, and 2 lending accounts — beneficiaries must be updated in-branch
Cathay Bank Customer Service Center
Cathay Bank, 777 North Broadway, Los Angeles, CA 90012
Cathay Wealth Management (Cetera Investment Services LLC) -- wealth transfer and estate planning advisory; Cathay Bank does not operate a trust department
Cathay Bank Customer Service Center -- deceased account holder and estate matters (no separate claims department; branches handle estate documentation)
Cathay Bank, 777 North Broadway, Los Angeles, CA 90012
There are two ways to keep your Cathay Bank accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
Cathay Bank has 15 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others will require probate if nothing is set up. Each is covered below.
- P.O.D. account -- account is payable to you during your lifetime and to the named payee(s) at your death
- Totten Trust account -- an informal trust reflected on bank records with no written trust agreement; you hold it as trustee and the named beneficiaries take ownership at your death
- Formal Trust account -- the account is titled to your written trust and held by the trustee(s)
- Full legal name
- Date of birth
- Social Security number
- Allocation percentages if naming more than one
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Cathay Bank publishes no downloadable P.O.D. or IRA beneficiary form; the paperwork is obtained at a branch or by calling 1-800-922-8429
- Under the Deposit Account Agreement, a P.O.D. payee may be changed only by written direction to the bank
- Formal trust accounts require a Certification of Trust signed by all trustees, supported by applicable excerpts from the trust agreement, or a full copy of the trust agreement
- How multiple P.O.D. payees take the account depends on the state where the account is domiciled: in CA, MA, MD, and WA surviving payees take in equal shares unless the bank's records say otherwise; in IL surviving payees hold as tenants in common with no right of survivorship, and if no payee survives the proceeds vest in the estate of the last surviving account holder
- Accounts domiciled in NJ are governed by the Multiple Party Deposit Account Act (N.J.S.A. 17:16I-1 et seq.); accounts domiciled in TX use the TX Uniform Single/Multiple Party Account Selection Form signed at account opening
- IRA CD beneficiary changes require a separate IRA beneficiary designation form
- The Deposit Account Agreement requires you to notify Cathay Bank of the death of any account holder, authorized signer, or designated beneficiary -- including the death of a beneficiary you named
Sources
Data sourced from Cathay Bank primary sources (21 pages reviewed). How we research.
Download these Cathay Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Cathay Bank primary sources. Bring it to the branch or keep it beside the phone.
Cathay Bank Customer Service Center
Cathay Bank, 777 North Broadway, Los Angeles, CA 90012
Cathay Wealth Management (Cetera Investment Services LLC) -- wealth transfer and estate planning advisory; Cathay Bank does not operate a trust department
Cathay Bank Customer Service Center -- deceased account holder and estate matters (no separate claims department; branches handle estate documentation)
Cathay Bank, 777 North Broadway, Los Angeles, CA 90012
Estate planning articles
Learn how to protect your Cathay 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 moreMore estate planning resources
Explore related tools and documents to complete your estate plan.
How Much Does Probate Cost?
Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.
Who Inherits Without a Will?
Find out who inherits your estate and how much they get if you die without a will. Based on your state's intestate succession laws.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
What Does Estate Planning Actually Cost?
See the true cost of estate planning. Compare SimplyTrust, Trust & Will, LegalZoom, and attorneys including life events like marriage, divorce, and having children.
How Much Does a Revocable Living Trust Cost?
Compare the cost of creating a revocable living trust. See how SimplyTrust, Trust & Will, LegalZoom, and attorneys compare over 5 years including life events.
How Much Does a Will Cost?
Compare the cost of creating a will. See document costs plus probate fees your heirs will pay. Compare SimplyTrust, Trust & Will, LegalZoom, and attorneys.
