How to name beneficiaries and fund a trust at Dow CU

POD designations apply to deposit accounts: checking, savings, high-yield deposits and certificates.¹

IRA beneficiary designations are separate from deposit account POD designations and use a form specific to the IRA type.²

HSA beneficiary designations are separate from other account types and use an HSA beneficiary designation form.²

The Beneficiary Information section has room for four beneficiaries and no percentage-allocation column. Where more than one beneficiary survives, they take jointly with rights of survivorship rather than in stated shares.^{3, 1}

The form is signed in the presence of a Dow Credit Union officer, or the signature is notarized. The application prints "(Notarization Required IF form is not completed in person with Dow Credit Union officer)" above each signature block.³

Spousal consent may be required for an IRA beneficiary change, depending on the plan type.²

Completed by the account owner, when opening the account. Available to download.³

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Completed by the account owner, for an existing account. Sent by the institution on request.²

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For IRAs. Sent by the institution on request.²

For health savings accounts. Sent by the institution on request.²

Under the Account Agreement's POD/Trust Account Designation clause, the account stays payable to the owners during their lifetimes and becomes payable to the named surviving beneficiaries when the last owner dies.¹

A joint owner on a Dow Credit Union account can request account maintenance, including changing beneficiaries, under the Account Agreement's joint account consent clause.¹

Dow Credit Union is not obligated to notify a beneficiary that an account exists or that their interest has vested.¹

Beneficiary designations supersede instructions in a will.²

A Deposit Trust Account reaches Prime Savings, Checking, Secondary Savings, Premium High Yield, Certificates of Deposit, ATM and debit cards, online and mobile banking, and bill pay services.⁵

Simple High Yield Deposit and the Club Account are not on the Deposit Trust Account list.⁵

Completed by all grantors and trustees. Sent by the institution on request. Must be notarized.⁵

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Sent by the institution on request.⁵

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Existing accounts can be retitled to the trust, or new Deposit Trust Accounts opened in the trust's name.⁵

At least one grantor of the trust must also hold an individual membership. The Account Agreement's field of membership includes "Revocable Trusts in which the Grantor is also a member of Dow Credit Union".¹

The trust's grantor must also be named as its trustee.⁵

Trustees sign in the format "your signature, Trustee".⁵

The information on the Agreement to Facilitate must mirror the trust document, because the credit union manages the trust account from the form rather than from the trust itself.⁵