How to name beneficiaries and fund a trust at First Command

Brokerage and advisory beneficiary changes go through a First Command Financial Advisor.¹

For a First Command Bank deposit account, the disposition at death is set by the account type checked on the Uniform Single-Party or Multiple-Party Account Selection Form.²

The account types on the form are single-party with or without P.O.D., multiple-party with or without right of survivorship, multiple-party with survivorship and P.O.D., or trust account.²

A convenience signer may make transactions on your behalf during your lifetime but does not own the account. The signer owns it on your death only if also designated as a P.O.D. payee or trust account beneficiary.²

On a bank trust account the trustees own the account, and a beneficiary may not withdraw funds before all trustees are deceased. On the death of the last surviving trustee the account passes to the beneficiary and is not part of a trustee's estate.²

A multiple-party account without right of survivorship is owned in proportion to each party's net contributions, so a deceased owner's share passes through the estate rather than to the surviving owner.²

IRA beneficiaries are named on a beneficiary designation form filed with First Command Bank as custodian, separately from any brokerage designation or bank account selection form.^{3, 4}

If no IRA designation is in effect, none of the named beneficiaries survive, or the custodian cannot locate any of them after reasonable search, the balance is payable to the estate.^{3, 4}

For payable-on-death accounts. Completed by the account owner. Sent by the institution on request.²

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For IRAs. Sent by the institution on request.^{3, 4}

For investment accounts. Completed by the account owner, through the assigned Financial Advisor. Sent by the institution on request.¹

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Named beneficiaries and P.O.D. designations control over a will.¹

First Command Bank deposit accounts are governed by the laws of the State of Texas.²

Trust accounts are supported by First Command Brokerage Services (FCBS).¹

The Asset Management Solutions advisory programs are open to individuals, corporate entities, charitable organizations and other institutions, and trusts, but not to pension plans or investment companies.¹

For a First Command Bank deposit account, the trust is set up as the "Trust Account" ownership type on the Uniform Single-Party or Multiple-Party Account Selection Form.²

Completed by the trustees, through the Financial Advisor. Sent by the institution on request.¹

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The trust agreement is reviewed by FCBS. The Depository Agreement requires "documentation, satisfactory to us, that authorizes you to act as a fiduciary before we establish a fiduciary Account."^{1, 2}

Successor trustees present proof of succession before accessing funds.¹

Professional trust administration and service as corporate trustee, with Trust Officers authorized in all 50 states⁵