How to name beneficiaries and fund a trust at CEFCU

A beneficiary is named on a deposit account (checking, savings, money market or certificate) with a Totten Trust Designation, CEFCU's payable-on-death document.¹

A Totten Trust Designation is made per account, so checking, savings, each My Use suffix, money market and each certificate are handled separately.¹

The CEFCU Signature Card carries no beneficiary section. It collects joint members and a "Name of Nearest Relative" with relationship, which is a contact field and not a beneficiary designation.²

An IRA beneficiary is named under the IRA custodial agreement. It is separate from the Totten Trust Designation and is not affected by one.¹

An HSA beneficiary is named under the HSA custodial agreement. It is separate from the Totten Trust Designation and is not affected by one.¹

A CESA beneficiary is named under the CESA custodial agreement. It is separate from the Totten Trust Designation and is not affected by one.¹

A trust can be named as beneficiary of an IRA under the IRA custodial agreement.³

A trust can be named as beneficiary of an HSA under the HSA custodial agreement.³

A trust can be named as beneficiary of a CESA under the CESA custodial agreement.³

A member who has consented to CEFCU's E-Sign Disclosure and Consent can sign the Totten Trust Designation, the Totten Trust Revocation and IRA, HSA and CESA beneficiary designations electronically.⁴

The Medallion Signature Guarantee offered at Member Centers covers securities transactions only and is not available for beneficiary changes or account maintenance.¹

For payable-on-death accounts. Completed by the member, at a Member Center or electronically under the E-Sign consent. Provided at a branch.^{1, 4}

For payable-on-death accounts. Sent by the institution on request.¹

CEFCU On-Line and Mobile Banking shows the beneficiaries on file for a certificate but cannot add or change one. Adding or changing a beneficiary takes a signed Totten Trust Designation.⁵

A designation is cancelled or replaced with a separate Totten Trust Revocation document.¹

A joint account with right of survivorship passes to the surviving owner regardless of any Totten Trust Designation.¹

Checking, savings, money market accounts and certificates can be opened in the name of the trust, or existing eligible accounts retitled into it.³

An IRA cannot be retitled into a trust.³

An HSA cannot be retitled into a trust.³

A CESA cannot be retitled into a trust.³

Completed by the trustee and every co-trustee. Available to download.³

A living trust qualifies for membership when it is revocable and the person who established it is a CEFCU member, or when it is irrevocable and the settlor or a beneficiary is a member.³

A testamentary trust created under a will must be irrevocable, with the settlor a member at the time of death or a beneficiary a member. The form makes the trustee certify this membership as a condition of opening.³

The form records whether one trustee may act alone or all trustees must act together, separately for opening accounts and requesting services and for deposits, withdrawals, transfers or other orders for payment.³

On the death of a trustee the form says whether the remaining trustees may act without appointing a successor co-trustee, or a named successor trustee takes over. CEFCU relies on this provision when the last trustee dies.³

CEFCU may rely on the certification, without investigating any act by a signing trustee, until it receives actual notice, with evidence satisfactory to it, that a trustee has ceased to serve or the trust has been revoked or terminated.³

When no remaining trustee is empowered to act, CEFCU may require evidence satisfactory to it, including a copy of the will or trust agreement.³

TOD and beneficiary paperwork for investment accounts held through CEFCU Investment Services¹

Trust-owned accounts, corporate trustee, agent-for-trustee and funded-trust administration⁶