Estate planning at F&M Bank
How to protect 15 F&M Bank accounts — manage beneficiaries in-branch, fund a trust in-branch, and file claims through F&M Bank's Personal Banking Services
Customer Service
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
Personal Banking Services
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
Personal Banking Services
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
F&M Bank offers 15 consumer accounts that interact with estate planning in distinct ways. Of those, 12 can name a trust as beneficiary or be retitled into a trust. Understanding the transfer methods available for each account type helps families keep assets out of probate and ensure they pass to the right people.
F&M Bank lets account holders update beneficiary designations in branch, by mail, and by phone, typically taking 15-30 minutes in branch; longer by mail. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.
F&M Bank has documented procedures for both preparing accounts during your lifetime and handling claims when an account holder passes away.
Preparing your estate
Beneficiaries and trust funding
How to update beneficiaries in-branch, fund a trust in-branch, and review 15 account types at F&M Bank.
View details →When someone dies
Death claim process
Contact F&M Bank's Personal Banking Services to file a claim. 5-step process, 7 required documents, and contact information for survivors.
View details →For questions about any of these procedures, contact F&M Bank's Personal Banking Services at 1-877-700-2265.
F&M Bank operates in select states, so estate planning procedures may vary by location. Confirm availability in your state before initiating trust funding or account changes.
Frequently asked questions
Yes. F&M Bank allows checking, savings, money market, and CD accounts to be retitled into the name of a revocable living trust. Visit any branch with your Certification of Trust (or full trust agreement), valid government-issued photo ID for all trustees, and the trust's Tax ID (typically the grantor's SSN for a revocable trust). Existing accounts can usually be retitled without closing and reopening as long as the same SSN or EIN is used.
No. Under IRC Section 408, an IRA must be owned by an individual and cannot be retitled into a trust during the account holder's lifetime without triggering full taxation of the account. Instead, name a primary and contingent beneficiary on the IRA Beneficiary Designation form. A trust may be named as beneficiary, but should be drafted to qualify as a "see-through trust" under the Treasury regulations to preserve favorable distribution rules under the SECURE Act.
F&M Bank offers CD-based Market Rate Traditional and Roth IRAs in 6, 12, 18, 24, 36, 48, and 60-month terms with a $500 minimum opening balance. Traditional IRA earnings grow tax-deferred; qualified Roth withdrawals are tax-free. IRAs cannot be retitled to a trust under IRC Section 408, but a trust can be named as beneficiary on the IRA Beneficiary Designation form. Married account holders in California (a community property state) may need spousal consent to change beneficiaries on an IRA.
Farmers & Merchants Bank is headquartered at 302 Pine Avenue, Long Beach, CA 90802. The bank was founded in 1907 by C.J. Walker and operates 27 full-service branches across Southern California, from San Clemente in the south to Santa Barbara in the north. It is one of the oldest and largest independently operated banks in California. Customer service is reachable at 1-877-700-2265 and the main office at (562) 437-0011.
Sources
Data sourced from F&M Bank primary sources (30 pages reviewed). How we research.
Customer Service
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
Personal Banking Services
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
Personal Banking Services
Farmers & Merchants Bank, 302 Pine Avenue, Long Beach, CA 90802
Estate planning articles
Learn how to protect your F&M Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
