How to name beneficiaries and fund a trust at Delta Community CU
Beneficiaries are managed in branch or by mail. Trust paperwork is taken in branch or by phone
Preparing your Delta Community CU accounts for estate transfer involves two key steps: designating beneficiaries on each account and, where appropriate, retitling accounts into a trust. Because Delta Community 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.
Delta Community CU has 11 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Beneficiary form at Delta Community CU
Designation of Beneficiary Form - Savings, Checking, Certificate of Deposit & Money Market Accounts (for payable-on-death accounts), IRA Beneficiary Designation (for IRAs), HSA Beneficiary Designation (for health savings accounts) and Coverdell ESA Beneficiary Designation (for coverdell education savings accounts).
Open the form →- The Atlanta General Offices branch runs Monday-Friday 8:00 AM - 4:00 PM and sits behind airport security
- A typical retail branch such as Decatur runs Monday-Thursday 8:30 AM - 4:30 PM, Friday 8:30 AM - 5:30 PM and Saturday 9:00 AM - 12:00 PM
- Designation of Beneficiary Form for deposit accounts (savings, checking, CD, money market)
- IRA Beneficiary Designation for IRAs
- HSA Beneficiary Designation for health savings accounts, or Coverdell ESA Death Beneficiary Designation for education savings
- Full legal name, Social Security number, date of birth, and desired percentage
- For a trust beneficiary: the trust name including the date established and the trust Tax ID Number
- Deposit accounts: "Beneficiary - Designation of Savings, Checking, and/or CD Beneficiary"
- IRAs: "IRA Change of Beneficiary"
- HSAs: "HSA Beneficiary Designation"; Coverdell education savings: "Coverdell ESA Beneficiary Designation"
- "I am designating a new beneficiary(ies)": the new beneficiaries replace the existing ones
- "I am adding beneficiary(ies)": list both new and existing beneficiaries
- "I am deleting beneficiary(ies)": specify the names to remove
- Each beneficiary needs first, middle and last name, Social Security number and date of birth
- List the specific account numbers the designation applies to (checking, savings, additional savings, CD, money market are listed separately)
- Deposit accounts: mail to Delta Community Credit Union, ATTN: Deposit Services, P.O. Box 20541, Atlanta, GA 30320-2541, or fax to 404-677-4802, or send via the Online Banking Message System
- IRA accounts: mail to Delta Community Credit Union, Attn: IRA Department, 1025 Virginia Ave., Atlanta, GA 30354, or fax to 404-677-4964, or send via the Online Banking Message System
Required Documents
- Beneficiary's full legal name
- Beneficiary's Social Security number. If a beneficiary is not a U.S. citizen, additional contact information is needed in place of the SSN
- Beneficiary's date of birth
- Beneficiary's relationship to the owner
- Percentage for each beneficiary
- Account numbers the designation applies to (on the deposit form). Checking, savings, additional savings, CD and money market accounts are listed separately
- Trust name, including the date the trust was established (for a trust beneficiary)
- Tax ID Number (for a trust or charity beneficiary)
- Successor trustee's Social Security number (when the successor trustee is named as POD payee). Collected for identification only
- Certificate of Trust, or the pages of the formal trust document showing the trust name and date of signing and specific language stating the trust is revocable
- The same pages carry notarized and dated signatures of the grantors and trustees, and the grantor and trustee names
- All amendments to the original trust agreement
- Valid government-issued photo ID for all grantors and trustees
- Documentation confirming the home address, such as a utility bill or lease agreement, if the address on the ID differs from the address provided
- A copy of the death certificate of any deceased grantor or trustee, plus an updated certificate of trust if a grantor has died
Required Documents
- Certificate of Trust or trust document pages. Either is taken. It shows the trust name and date of signing, language stating the trust is revocable, notarized and dated grantor and trustee signatures, and the grantor and trustee names
- All amendments to the original trust agreement
- Valid government-issued photo ID (for every grantor and trustee)
- Home address documentation, such as a utility bill or lease agreement (if the address on the ID differs from the address provided)
- Copy of the death certificate (for any deceased grantor or trustee)
- Updated certificate of trust (where a grantor has died)
- The Atlanta General Offices branch runs Monday-Friday 8:00 AM - 4:00 PM and sits behind airport security
- A typical retail branch such as Decatur runs Monday-Thursday 8:30 AM - 4:30 PM, Friday 8:30 AM - 5:30 PM and Saturday 9:00 AM - 12:00 PM
- Designation of Beneficiary Form for deposit accounts (savings, checking, CD, money market)
- IRA Beneficiary Designation for IRAs
- HSA Beneficiary Designation for health savings accounts, or Coverdell ESA Death Beneficiary Designation for education savings
- Full legal name, Social Security number, date of birth, and desired percentage
- For a trust beneficiary: the trust name including the date established and the trust Tax ID Number
- Deposit accounts: "Beneficiary - Designation of Savings, Checking, and/or CD Beneficiary"
- IRAs: "IRA Change of Beneficiary"
- HSAs: "HSA Beneficiary Designation"; Coverdell education savings: "Coverdell ESA Beneficiary Designation"
- "I am designating a new beneficiary(ies)": the new beneficiaries replace the existing ones
- "I am adding beneficiary(ies)": list both new and existing beneficiaries
- "I am deleting beneficiary(ies)": specify the names to remove
- Each beneficiary needs first, middle and last name, Social Security number and date of birth
- List the specific account numbers the designation applies to (checking, savings, additional savings, CD, money market are listed separately)
- Deposit accounts: mail to Delta Community Credit Union, ATTN: Deposit Services, P.O. Box 20541, Atlanta, GA 30320-2541, or fax to 404-677-4802, or send via the Online Banking Message System
- IRA accounts: mail to Delta Community Credit Union, Attn: IRA Department, 1025 Virginia Ave., Atlanta, GA 30354, or fax to 404-677-4964, or send via the Online Banking Message System
Required Documents
- Beneficiary's full legal name
- Beneficiary's Social Security number. If a beneficiary is not a U.S. citizen, additional contact information is needed in place of the SSN
- Beneficiary's date of birth
- Beneficiary's relationship to the owner
- Percentage for each beneficiary
- Account numbers the designation applies to (on the deposit form). Checking, savings, additional savings, CD and money market accounts are listed separately
- Trust name, including the date the trust was established (for a trust beneficiary)
- Tax ID Number (for a trust or charity beneficiary)
- Successor trustee's Social Security number (when the successor trustee is named as POD payee). Collected for identification only
What Delta Community CU says about beneficiaries and trusts
Each section is Delta Community CU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
Deposit accounts (savings, checking, certificates and money market) take a designation on their own form. One form cannot cover more than one of the deposit, IRA, HSA and Coverdell ESA account families.1
- Business account
POD designations on business accounts are only allowed on sole proprietorships. They are not available for partnerships, LLCs or corporations.1
Who can be named6
- An owner of the account
The beneficiary cannot be a joint owner of the same account.1
- A minor, payable-on-death accounts
There is no age limitation on POD beneficiaries.1
- A charity or nonprofit, payable-on-death accounts
Charities and non-profit organizations can be named as POD beneficiaries on deposit accounts.1
- A business, payable-on-death accounts
Corporations can be named as POD beneficiaries on deposit accounts.1
- A trust
A member with a revocable trust can name the trust itself as POD beneficiary, giving the full trust name including the date it was established (for example "John D. Doe Revocable Living Trust u/t/d July 27, 2010").1
Where the formal trust account requirements cannot be met, Delta Community's stated alternative is naming the trust as POD beneficiary on personal membership shares: savings, checking, additional savings, money market, certificate of deposit, IRA or health savings shares.2
- A person
Instead of the trust, a member can name the successor trustee as POD payee, provided that person is an individual who is not a primary or joint owner of the account.1
How many beneficiaries, and how shares are split
- Payable-on-death account
If more than one beneficiary is named on a deposit account, all surviving beneficiaries receive equal shares. The deposit form does not accept unequal percentage splits.3
There is no limit to the number of beneficiaries that may be designated on a deposit account.1
- IRA
On the IRA form, primary beneficiary percentages must total 100%. Where percentages are left blank, the beneficiaries are deemed to hold equal shares.4
What a designation takes to be effective
- All accounts
The primary member and all joint owners must sign the form.1
- IRA
The IRA form carries a spousal consent section, to be considered if the trust or the IRA owner's residence is in a community or marital property state. The owner's signature and the consenting spouse's signature each require a witness signature.4
Beneficiary forms Delta Community CU issues4
- Designation of Beneficiary Form - Savings, Checking, Certificate of Deposit & Money Market Accounts
For payable-on-death accounts. Completed by the primary member and all joint owners. Available to download.3
Return to
Fax: 1-404-677-4802
Mailing address: Delta Community Credit Union, ATTN: Deposit Services, P.O. Box 20541, Atlanta, GA 30320-2541
- IRA Beneficiary Designation
For IRAs. Available to download.4
Return to
Fax: 1-404-677-4964
Mailing address: Delta Community Credit Union, Attn: IRA Department, 1025 Virginia Ave., Atlanta, GA 30354
- HSA Beneficiary Designation
For health savings accounts. Available to download.5
- Coverdell ESA Beneficiary Designation
For coverdell education savings accounts. Available to download.6
What Delta Community CU's agreement says about beneficiaries6
- Which state governs the account
The deposit form states the account is a payable-on-death account as defined in Georgia's Financial Institutions Code.3
- Joint accounts
The deposit form makes the account payable to the designated beneficiaries upon the death of the last owner, so on a jointly owned account the POD designation does not take effect until every owner has died.3
- A designation and a will
IRA beneficiary designations supersede instructions in a will or trust.4
- Changing or revoking a designation
The IRA form states it overrides all previous designations for that IRA.4
It is the account holders' responsibility to update a designation by filing a new form.1
- A beneficiary who dies first
On the IRA form, if a beneficiary dies before the owner, that beneficiary's interest terminates completely and the remaining beneficiaries' shares increase pro rata.4
- No beneficiary survives
On the IRA form, if no beneficiary is named, the owner's estate becomes the beneficiary.4
Which accounts a trust can hold1
- Trust account
Delta Community offers formal Revocable Trust Accounts only: depository accounts established in the name of a formal revocable trust and managed by the trustee as outlined in the trust agreement.2
It does not offer corporate trustee services, trust accounts for businesses or corporations, or irrevocable trust accounts.2
What Delta Community CU says about trust accounts2
- Membership
Every grantor must hold a personal membership in good standing both at opening and for the entire term of the trust account, so non-member and joint-owner grantors have to join first.2
- Who signs for the trust
Where the trust has multiple trustees, all trustees must have explicit authority in the trust document and certificate of trust to act independently. A trust requiring trustees to act jointly does not qualify.2
State requirements Delta Community CU statesGeorgia
- Georgia
The street address used for trust tax filing must be within one of the Georgia counties Delta Community serves, and a post office box is not eligible. A member banking at the Kentucky, Texas or Utah branch therefore cannot open a formal trust account.2
Sources
Data sourced from Delta Community CU primary sources (23 pages reviewed). How we research.
Download these Delta Community CU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Delta Community CU primary sources. Bring it to the branch or keep it beside the phone.
Delta Community CU estate support
Retirement & Investment Services (DCRIS)
Phone
Trust & Estate Specialists
IRA Team
Website
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