How to name beneficiaries and fund a trust at Elevations CU
Beneficiaries are managed online, in branch or by phone. Trust paperwork is taken in branch or by phone
Estate planning at Elevations CU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Elevations CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Without one of these in place, accounts may require probate before your family can access the funds.
With 24 product types, Elevations CU 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.
Beneficiary form at Elevations CU
Beneficiary Designation Secure Form, completed by DocuSign.
Required Documents
- Beneficiary's full legal name (for each beneficiary)
- Beneficiary's Social Security number (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's relationship to the owner (for each beneficiary)
- Percentage allocation (for each beneficiary)
- Exact trust name and the trust's Tax ID Number (when naming a trust)
Required Documents
- Trust Agreement or Certificate of Trust. A Trust Agreement compliant with Colorado law, revocable, irrevocable or special needs. A Certificate of Trust is used in lieu of the full Trust Agreement
- Trust amendments
- Government-issued photo ID (for all grantors or settlors and trustees)
- Proof of membership eligibility (for all settlors or grantors (revocable trust), or for all settlors or grantors or all trust beneficiaries (irrevocable trust))
- Tax Identification Number for the trust (if applicable)
- Documentation of the trust type (where a minor is a beneficiary). Elevations will open a trust account for a minor "depending on the trust type and documentation."
Required Documents
- Beneficiary's full legal name (for each beneficiary)
- Beneficiary's Social Security number (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's relationship to the owner (for each beneficiary)
- Percentage allocation (for each beneficiary)
- Exact trust name and the trust's Tax ID Number (when naming a trust)
What Elevations CU says about beneficiaries and trusts
Each section is Elevations CU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary4
- Payable-on-death account
POD is available on deposit accounts: checking, savings, money market and certificates of deposit.1
Elevations offers POD designations only, not transfer-on-death (TOD) registration. Its FAQ says: "Elevations does not offer TODs."1
- IRA
An IRA passes by its own beneficiary designation, not by POD, so it is designated separately.1
- Fiduciary account
POD designations are not allowed on an estate account. An estate account is a temporary settlement account and its funds are distributed under the probate estate.2
- Trust account
POD designations are not used on a trust account. Elevations says beneficiary designations "are governed by the trust agreement for trust accounts."2
Who can be named1
- A trust, payable-on-death accounts
A trust may be named as POD beneficiary on a deposit account using the trust name and Tax ID Number. The account stays in the member's own name during life and pays the trust at death.2
How many beneficiaries, and how shares are split
- All accounts
The owner gives a percentage allocation for each beneficiary.1
What a designation takes to be effective
- All accounts
The designation is not complete until the DocuSign envelope Elevations sends is signed and returned.1
Beneficiary forms Elevations CU issues1
- Beneficiary Designation Secure Form, completed by DocuSign
Completed by the account owner, in digital banking. Completed online.1
What Elevations CU's agreement says about beneficiaries2
- What the owner keeps while living
A POD account is payable to the owners during their lifetimes. Only on the death of the last surviving owner does it become payable to the named surviving POD beneficiaries.1
- A designation and a will
Beneficiary designations on IRA accounts supersede instructions in a will or trust.1
Which accounts a trust can hold2
- Trust account
Elevations opens accounts for revocable, irrevocable and special-needs trusts. It "cannot help with these trusts at this time: Standard income trusts, Medicaid income/Miller trusts."2
A trust can hold four deposit products: checking, savings, certificates of deposit and money market. Lending products and shared (CO-OP) branching are not available on a trust account.2
- Safe deposit box
Safe deposit boxes are permitted on trust accounts.2
What Elevations CU says about trust accounts6
- Whether a new account is opened
Elevations opens a new account under the trust name rather than retitling an existing personal account: "Due to complexities in reporting requirements, Elevations will require a new account for your estate or trust."2
- Who signs for the trust
The acting trustees must establish the account; a power of attorney is not accepted for opening a trust account. Multiple trustees can have access.2
Elevations does not provide trustee services; the trustee named in the trust document acts on the trust account.2
- Membership
For a revocable trust, all settlors or grantors must be current Elevations members or eligible. For an irrevocable trust, all settlors or grantors or all trust beneficiaries must qualify.3
Acting trustees, personal representatives and conservators do not necessarily need to be existing Elevations members, provided the grantor (trust) or the decedent or protected person (estate) meets eligibility.2
- Fees
Trust and estate accounts carry $0 monthly fees.2
- Checks and cards on a trust account
A representative holding trust or estate funds in an Elevations checking account gets a Visa debit card by mail for ATM access.2
- Online access
Trust accounts include free digital banking.2
Not in Elevations CU's published guidance2
- Membership and Account Agreement
- A beneficiary who dies first
Sources
Data sourced from Elevations CU primary sources (35 pages reviewed). How we research.
Download these Elevations CU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Elevations CU primary sources. Bring it to the branch or keep it beside the phone.
Elevations CU estate support
Elevations Wealth Management Services (securities and advisory services through LPL Financial LLC)
Phone
Website
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