How to name beneficiaries and fund a trust at EverBank

A POD beneficiary can be named on an individual account or on a joint account with right of survivorship.¹

The deposit-account Manage Account Beneficiaries form cannot be used for trust accounts. Holding an account in trust is a titling change, not a POD designation.¹

An IRA beneficiary is set with the Manage IRA Beneficiaries form or by phone, not with the deposit-account form.²

The IRA beneficiary form covers Traditional, Roth and SIMPLE IRAs, and it revokes every prior designation for that IRA.³

A trust can be named as a beneficiary by calling EverBank. EverBank states this designation cannot be completed through the digital form.²

POD beneficiaries share equally: the balance is paid in equal shares to each surviving beneficiary, without right of survivorship.⁴

The deposit-account form lists four beneficiaries; extra pages are attached for more.¹

On a joint account, a designation by one owner is valid even without the other owner's consent or knowledge.¹

A married owner in a community or marital property state who names a beneficiary other than, or in addition to, the spouse should have the spouse sign Part 4 Spousal Consent. The spouse's signature must be witnessed.³

For payable-on-death accounts. Available to download.¹

For IRAs. Available to download.³

On an individual account with a POD beneficiary, the assets pass to the POD beneficiaries at death and are not part of the estate.¹

On a joint account with right of survivorship and a POD beneficiary, the assets pass to the POD beneficiaries on the last owner's death.¹

On the IRA form, a beneficiary who dies before the owner drops out entirely and the survivors' shares increase pro rata. There is no per stirpes default to that beneficiary's children.³

If no IRA beneficiary is named, the owner's estate becomes the beneficiary.³

The account holder must be living when the form is submitted.¹

EverBank cannot provide an interest-bearing demand deposit account to a trust if any trust beneficiary is an "Ineligible Entity".⁵

An ineligible entity is an organization operated for profit, a credit union or other mutual depository institution, a mutual insurance company, a crop-financing organization or farmers' cooperative, or an organization created to function as part of a qualified group legal services plan.⁵

For trust accounts. Available to download.⁵

For trust accounts. Available to download.⁶

Trust, fiduciary and estate accounts cannot be opened online. They are opened by phone with the client solutions team.⁷

Any one trustee named on the account can act alone.⁴

EverBank has no duty to read or comply with the trust agreement.⁴

EverBank will never serve as trustee or successor trustee, whatever the trust says. On the death, incapacity or replacement of a trustee, it acts on the successor trustee's instructions once shown satisfactory evidence.⁴

The Manage Trustees form adds or removes trustees on an existing trust account, and it is how a successor trustee is recorded after the original trustee dies.⁶

The Trustee Certification accepts either an SSN or a TIN.⁵