How to name beneficiaries and fund a trust at Consumers CU
Covers 7 deposit, 5 retirement, 1 investment, and 9 lending accounts — beneficiaries must be updated in-branch
Member Services
300 N Field Dr., Lake Forest, IL 60045
Investment Services (via LPL Financial / TruStage)
Death Claims / Member Services
300 N Field Dr., Lake Forest, IL 60045
The goal with your Consumers CU accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because Consumers CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts without either one will require probate, which means court involvement and delays for your family.
Each of Consumers CU's 22 accounts has different rules for how it transfers at death. The sections below explain the options for each.
- Full legal name
- Date of birth
- Social Security number
- Relationship to account holder
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- POD (Payable on Death) available for deposit accounts (checking, savings, money market, certificates)
- Joint accounts with right of survivorship pass to the surviving owner(s)
- IRA beneficiary designations are separate from deposit account POD designations
- POD or trust beneficiary/payee designations do not apply to Individual Retirement Accounts (IRAs)
- Review and update beneficiary information periodically, especially after major life events
Sources
Data sourced from Consumers CU primary sources (21 pages reviewed). How we research.
Download these Consumers CU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Consumers CU primary sources. Bring it to the branch or keep it beside the phone.
Member Services
300 N Field Dr., Lake Forest, IL 60045
Investment Services (via LPL Financial / TruStage)
Death Claims / Member Services
300 N Field Dr., Lake Forest, IL 60045
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