How to name beneficiaries and fund a trust at Commerce Bank

IRA beneficiary changes are handled through Commerce Financial Advisors on National Financial Services (NFS) paperwork, not on the bank signature card.¹

If two or more POD beneficiaries survive the last account owner, they take in equal shares without right of survivorship.²

All account owners must agree to a beneficiary designation change, on a form acceptable to the bank.²

For payable-on-death accounts. Completed by all account owners. Sent by the institution on request.¹

A POD beneficiary who dies before the owner passes no interest to that beneficiary's heirs or estate.²

If a POD account still has two or more living joint owners, the Deposit Agreement treats it as a joint account with right of survivorship, and the balance passes to the surviving owners, not to the POD beneficiary.²

A POD account is governed by the law of the state where the account is domiciled.²

POD beneficiaries receive the balance minus funds subject to Commerce's right of setoff and security interest.¹

The Deposit Agreement states that Missouri POD accounts at Commerce are established under a specific Missouri statute and not under the Nonprobate Transfers Law of Missouri.²

If the account was opened at a Commerce branch in Kansas, the Deposit Agreement warns the POD funds may be subject to a claim of the Secretary of Social and Rehabilitation Services.²

Both revocable and irrevocable trusts are accepted.¹

IRA accounts cannot be retitled to a trust.¹

Brokerage assets are a separate track: Commerce Financial Advisors offers a distinct Trust Account titling, which it describes as eliminating the need for probate, alongside its Estate Account titling.³

Sent by the institution on request.¹

Existing personal accounts can typically be retitled to a revocable living trust if the same Social Security number is retained.¹

Under the Deposit Agreement a trustee is an "Agent" who must be designated as such on the signature card or other account documentation. Commerce may require the trustee to present the original documentation establishing their authority before any transaction.²

Where two or more persons act as fiduciaries, each authorizes the other to act independently, and a two-signature requirement is not binding on the bank. Commerce may restrict the types or sizes of transactions a trustee may conduct, case by case.²

Commerce acts on a trustee's directions until it receives written notice that the fiduciary relationship has ended and has had a reasonable opportunity to act, in no event less than five business days.²

IRA beneficiary changes, and brokerage accounts including Trust Account and Estate Account titling^{1, 3}

Trust administration for clients who want professional trustee oversight¹