How to name beneficiaries and fund a trust at Central Bank

A Pay-On-Death designation is made on each deposit account record, not on the customer relationship.¹

An IRA beneficiary is named inside that account's agreement, separate from the deposit-account Pay-On-Death record.²

The HSA designation is made with HSA Central, not the branch. An HSA cannot be held jointly, so the beneficiary designation is the only transfer path on it.³

A trust can be named as beneficiary on an IRA.¹

A trust can be named as beneficiary on the HSA. The designation goes through HSA Central, not the branch.³

If two or more Pay-On-Death beneficiaries survive, they own the account in equal shares, without right of survivorship, so an uneven split cannot be set up on the account itself.⁴

Beneficiaries cannot withdraw unless all persons who created the account have died and the beneficiary is then living.⁴

The person or persons who created the account keep the right to change beneficiaries, change account types, and withdraw all or part of the funds at any time.⁴

A beneficiary can be registered in beneficiary form with LDPS (lineal descendants per stirpes), so a beneficiary's own descendants take that share if the beneficiary dies first.⁴

The deposit account terms reserve the bank's right to refuse some forms of ownership and beneficiary designation. The bank makes no representation as to the appropriateness or effect of a designation, except as it determines whom the bank pays.⁴

An authorized signer is not a beneficiary, and the deposit account terms end the authorization automatically at the owner's death. The bank may continue to honor the signer's transactions until it has written notice or actual knowledge and a reasonable opportunity to act.⁴

Spouses may hold an account as a tenancy by the entirety in states that recognize that form of ownership.¹

Central Bank's deposit account terms state that a Pay-On-Death account is "not subject to the Nonprobate Transfers Law of Missouri," so the designation is contractual: it is what tells the bank whom to pay.⁴

An IRA cannot be retitled to a trust. The trust is named as its beneficiary instead.¹

The HSA cannot be retitled to a trust. The trust is named as its beneficiary instead.³

Under the Fiduciary Accounts clause of the deposit account terms, an account may be opened and maintained by a person named as trustee under a written trust agreement, or as an executor, administrator or conservator under court orders.⁴

By merely opening such an account the bank is not acting as trustee, is not responsible for a fiduciary's actions including misuse of funds, and undertakes no obligation to monitor or enforce the terms of the trust or the letters.⁴

Beneficiary designations on the Central Bank HSA³

Corporate trustee, agent for trustee, trust administration and ongoing investment management⁶