How to name beneficiaries and fund a trust at First Commonwealth
Covers 7 deposit, and 2 retirement accounts — beneficiaries must be updated in-branch
Customer Service
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
First Commonwealth Wealth Management — Trust & Estate
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
Engagement Banking Center (Customer Service)
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
Estate planning for your First Commonwealth accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
First Commonwealth offers 9 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
- Payable on Death ("POD") or "in trust for" / "trustee for" (ITF) beneficiaries on checking, savings, money market, and CD accounts
- Joint ownership, which First Commonwealth treats as joint tenancy with right of survivorship, not tenancy in common
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Assets with a named beneficiary — POD accounts, IRAs, and life insurance — pass outside the probate estate
- POD beneficiaries on deposit accounts are added in branch on the signature card; IRA beneficiaries are named through the IRA agreement (Traditional, Roth, or SEP IRA, including IRA CDs)
- Under the Deposit Account Agreement, ITF/POD beneficiaries cannot withdraw until every individual who created the account has died; if two or more named beneficiaries survive, they own the account in equal shares without right of survivorship
- The owner keeps the right to change beneficiaries, change the account type, and withdraw the funds at any time during life
- First Commonwealth's right of setoff for a debt you owe the bank at death is superior to the rights of a joint owner, POD payee, or ITF beneficiary
Sources
Data sourced from First Commonwealth primary sources (16 pages reviewed). How we research.
Download these First Commonwealth instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against First Commonwealth primary sources. Bring it to the branch or keep it beside the phone.
Customer Service
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
First Commonwealth Wealth Management — Trust & Estate
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
Engagement Banking Center (Customer Service)
First Commonwealth Bank, 601 Philadelphia St., Indiana, PA 15701
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