Estate planning options at First Business Bank
Preparing your First Business Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at First Business Bank vary across 6 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
Beneficiary designation is not available for retirement accounts at First Business Bank.
What First Business Bank says about trust accounts
Each section is First Business Bank's own statement, with the document it comes from numbered under Sources.
Which accounts a trust can hold1
- Trust account
The bank names a revocable trust account among the account ownership types its Wealth Advisors structure a client's accounts across.1
Accounts handled elsewhere1
- First Business Bank Trust & Estate Administration
Revocable, special needs and charitable trusts, and serving as trustee, estate guardian or personal representative2
Not in First Business Bank's published guidance11
- What the owner provides to name a beneficiary
- A beneficiary designation form
- An online way to name a beneficiary
- Who may be named as beneficiary
- How shares are split among beneficiaries
- What a designation takes to be effective
- Terms in its agreements for a beneficiary designation
- A trust account form
- Which trust documents it accepts
- Terms in its agreements for a trust account
- How long a change takes
Sources
(3)·
Data sourced from First Business Bank primary sources (27 pages reviewed). How we research.
Download these First Business Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against First Business Bank primary sources. Bring it to the branch or keep it beside the phone.
First Business Bank estate support
Trust & Estate Administration
Website
Estate planning articles
Learn how to protect your First Business Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
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Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
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Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
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New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
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Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
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Do I Need a Revocable Trust?
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Trust or Will: Which Costs Less?
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