Preparing your Commonwealth CU accounts for estate transfer involves two key steps: designating beneficiaries on each account and, where appropriate, retitling accounts into a trust. Because Commonwealth CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts with Payable on Death designations or trust ownership bypass probate entirely.

With 16 product types, Commonwealth CU offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.

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1Visit any Commonwealth Credit Union branch with government-issued photo ID

2Request to add or update a beneficiary (POD) designation on your deposit accounts

3Provide beneficiary details: full legal name, relationship, and optional date of birth and Social Security number

4Designate primary and contingent beneficiaries with percentage allocations

5Sign the updated Member Service Agreement

Required Documents

Trust name, date established, and tax ID (EIN or SSN)

Special Requirements

POD designations available for deposit accounts (checking, savings, money market, certificates)
Joint ownership supersedes POD; if a joint owner exists, funds pass to the joint owner regardless of POD designation
Multiple beneficiaries share funds equally upon the death of the Primary Owner (or both Primary and Joint Owners)
IRA beneficiary designations require a separate Beneficiary Appointment form, managed independently from deposit account POD designations
Adding joint owners or beneficiaries may increase NCUA insurance coverage
Review recommended after marriage, divorce, birth of a child, or death of a beneficiary