Preparing your Congressional FCU accounts for estate transfer involves two key steps: designating beneficiaries on each account and, where appropriate, retitling accounts into a trust. Because Congressional FCU 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 15 product types, Congressional FCU 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 Congressional FCU branch (Capitol Hill locations or Oakton, VA)

2Request the POD Beneficiary form (for deposit accounts) or IRA Beneficiary Designation Form (for IRAs)

3Provide each beneficiary's full legal name, Social Security number, date of birth, and relationship

4Designate primary and contingent beneficiaries with percentage allocations

5All account owners must sign the form

6Submit the signed form to the branch representative

Required Documents

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

Special Requirements

POD beneficiary form is for personal deposit accounts only; do not use for IRA accounts
Changes to beneficiary designations must be in writing and signed by all living account owners
Death benefits paid first to primary beneficiaries; contingent beneficiaries receive benefits only if no primary beneficiary survives the owner
If multiple beneficiaries are named, funds transfer in equal proportion unless otherwise specified
The most recently signed and dated designation form in the Credit Union's records controls distribution
If additional beneficiaries are needed beyond the form, attach an addendum titled "Addendum to POD Beneficiary Designation"
IRA beneficiary designations supersede instructions in a will or trust