How to name beneficiaries and fund a trust at F&M Bank

Payable on death designations are available on individual, joint and sole proprietorship accounts.¹

An IRA carries a beneficiary designation, with primary and contingent beneficiaries, rather than a payable on death designation.²

Where more than one beneficiary is named, the owner gives the percentage split. The Terms & Conditions let the bank limit how many POD beneficiaries an account carries, and pay surviving POD beneficiaries jointly or individually.^{2, 1}

Completed by the account owner. Sent by the institution on request.²

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POD proceeds are paid net of what the bank is owed: payment to surviving POD beneficiaries is "subject to our right to charge the account for any amount you, a joint owner, or POD beneficiary owes us."¹

The Terms & Conditions note that the ownership type chosen "may determine how the property is passed on after the death of one or more of the account owners," and the bank reserves the right to refuse some ownership types on any or all accounts.¹

An IRA cannot be titled to a trust.²

Completed by the trustee. Sent by the institution on request.²

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The bank "will not be required to know, understand, interpret or enforce the terms of any trust documentation that may be provided."¹

The bank "will not be responsible to monitor items deposited to, or drawn against accounts held by a trustee."¹