Estate planning at Citizens Bank

You can add beneficiaries online by signing in and selecting "Manage Beneficiaries" from the Account Services menu. You can add up to 15 beneficiary profiles per account with percentage allocations. For individuals, provide full name, SSN, date of birth, and address. For trusts, provide the full trust name and date of trust. You can also visit a branch or call 1-800-922-9999. For Citizens Access accounts, call 1-888-201-6505.

Download the appropriate Certificate of Trust form (Revocable or Irrevocable) from citizensbank.com. Complete it electronically or by hand, have all trustees sign before a U.S. notary, and mail to Citizens Access, PO Box 71209, Philadelphia, PA 19176-6209. You can also visit a branch. Citizens Access supports up to 2 trustees and 2 grantors. Existing beneficiary allocations must be removed before conversion by calling 1-888-201-6505.

No. IRA accounts cannot be titled to a trust. However, you can name your trust as the beneficiary of your IRA. Consult a tax advisor before doing this, as there are significant tax implications for trust beneficiaries under the SECURE Act distribution rules. To update IRA beneficiary designations, complete the IRA Beneficiary Form through a Financial Advisor at a branch or call 1-800-948-7200.

Without a POD designation, your accounts will go through probate and be distributed according to your will or, if you have no will, according to state intestacy laws. The executor or administrator will need to provide Letters Testamentary or Letters of Administration to access the funds, which can take months to obtain.

Yes. Citizens Private Wealth offers comprehensive estate and trust planning, corporate trustee and fiduciary services, estate settlement and administration, and strategies to reduce estate taxes using gifts, trusts, and other planning tools. Services include trust income and principal accounting, bill payment, and coordination with tax professionals. Citizens Trust Company of Delaware also offers specialized trust services.

Citizens Access is the online-only division of Citizens Bank offering high-yield savings and CDs nationwide. You can hold Citizens Access accounts in the name of a personal trust, both revocable and irrevocable. Download the Certificate of Trust form from citizensbank.com, have it notarized by a U.S. notary, and mail it to Citizens Access, PO Box 71209, Philadelphia, PA 19176-6209. Call 1-888-201-6505 for questions.