Estate planning options at Choice Bank
Estate planning for your Choice Bank accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Choice Bank offers 13 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
No beneficiary form at Choice Bank
Beneficiary designation is not available for investment accounts at Choice Bank.
What Choice Bank says about beneficiaries and trusts
Each section is Choice Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Payable-on-death account
With one owner and a payable-on-death designation, the account passes to the named beneficiaries when the owner dies. The owner can withdraw any of the money while living.1
On a joint account with survivorship and a payable-on-death designation, the beneficiaries take the account only after the last owner has died.1
How many beneficiaries, and how shares are split
- Payable-on-death account
Two or more surviving beneficiaries share the account equally, with no survivorship among them, unless the designation says otherwise.1
What Choice Bank's agreement says about beneficiaries7
- Changing or revoking a designation
The owners can change the named beneficiaries at any time with a written direction in a form the bank accepts.1
- No beneficiary survives
If no beneficiary outlives a single owner, the account is handled as one in the owner's name alone and becomes part of the owner's estate.1
- Powers of attorney over a living owner's account
Choice must approve the form of a power of attorney. The agent can act on the account but owns none of it unless named as its beneficiary.1
- The institution's right to refuse a designation or an account title
Where it suspects the financial exploitation of an adult, Choice may approve or deny a requested change to the account, including a change of beneficiaries.1
- What the owner keeps while living
Choosing the title and type of account is the owner's decision, and the owner is the one responsible for working out its full legal effect.1
- Indemnity the owner or a trustee gives
The owner and any surviving owner or beneficiary agree to hold Choice harmless for paying out the account as the agreement and the account designations direct.1
- Which state governs the account
The account agreement is governed by North Dakota law, except where federal law controls.1
What Choice Bank says about trust accounts2
- Review of the trust document
Choice does not counsel an owner on which account arrangement meets a trust's requirements, and it may refuse instructions it sees as exposing it to claims, or ask for an indemnity first.1
On a trust account under the business agreement, Choice does not act as trustee or look into the trustee's powers, and it may ask for the documents it needs to open, run and close the account.2
- Whether a new account is opened
Choice may require that an account change an owner asks for, such as adding or closing an account, be shown by a signed document it accepts.1
Not in Choice Bank's published guidance9
- What the owner provides to name a beneficiary
- A beneficiary designation form
- An online way to name a beneficiary
- Who may be named as beneficiary
- What a designation takes to be effective
- A procedure for holding an account in a trust
- Which trust documents it accepts
- A trust account form
- How long a change takes
Sources
(2)·
Data sourced from Choice Bank primary sources (22 pages reviewed). How we research.
Download these Choice Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against Choice Bank primary sources. Bring it to the branch or keep it beside the phone.
Choice Bank estate support
General Help Line
Phone
Debit Card Helpline (24/7)
Cash Management Team
Choice Wealth (Fargo)
Hours
Mailing address
Website
Estate requests go through general customer service.
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