How to name beneficiaries and fund a trust at Desert Financial

A POD beneficiary is designated on the Account Application or Replacement Agreement, not on a separate form.^{1, 2}

The Terms list the accounts that cannot carry a POD beneficiary as examples ("e.g."), so the list is not exhaustive.²

The Terms name business accounts and organization accounts as examples of accounts that cannot carry a POD beneficiary.²

The Terms name IRAs as an example of accounts that cannot carry a POD beneficiary.²

A trust can be named as a POD beneficiary on an eligible account.¹

When more than one beneficiary is named, a percentage allocation is given.¹

The designation is made by signing the Account Application or Replacement Agreement.¹

For payable-on-death accounts. Completed by the account owner. Provided at a branch.^{1, 2}

The credit union has no obligation to tell a POD beneficiary that a POD account exists or that the funds have vested, so a named beneficiary who does not know about the account will not be contacted.²

The funds are payable to all surviving POD beneficiaries on the death of the last surviving account owner, so a POD beneficiary takes nothing while any joint owner is living.²

Joint accounts are held as joint tenants with full rights of survivorship. The survivor takes the funds subject to the credit union's right of offset and security interest in the account.²

Trust ownership applies to all shares, current and future, whose ownership matches the Trustor/Trustee relationships designated in the trust, unless a share is specifically excluded by written member request.²

A share the trustors do not want held in trust has to be excluded in writing, and shares opened later that match the same Trustor/Trustee relationship are picked up automatically.²

Completed by the trustees, with a member service representative. Provided at a branch.³

Sent by the institution on request.³

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The credit union has the right to review the trust agreement, court order or other document under which the account is opened, and that document's terms govern the account.²

Beneficiary designations on investment accounts held through Raymond James⁴