How to name beneficiaries and fund a trust at First Community CU (ND)
Beneficiaries are managed in branch, by phone or by mail. Trust paperwork is taken in branch or by phone
The goal with your First Community CU (ND) accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because First Community CU (ND) is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts without either one pass through the estate, by probate or the state's small-estate procedure.
Each of First Community CU (ND)'s 15 accounts has different rules for how it transfers at death. The sections below explain the options for each.
Beneficiary form at First Community CU (ND)
Payable on Death (POD) beneficiary designation form (for payable-on-death accounts) and IRA beneficiary designation form (for IRAs).
- POD (Payable on Death) form for deposit accounts
- Separate IRA beneficiary designation form for IRA accounts
- Full legal name and date of birth
- Social Security number
- Relationship to account holder
- Mail to the address provided on the form
- Or visit any branch to submit in person
- Designate primary and contingent beneficiaries
- Include percentage allocations totaling 100%
Required Documents
- Beneficiary's full legal name and date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account holder
- Government-issued photo ID (at a branch)
- Full trust agreement or Certificate of Trust
- Government-issued photo ID for all trustees
- Trust tax identification number (EIN) or SSN for revocable trusts
- Documentation needed for your specific trust structure
- Whether a branch visit is required to complete the process
- Whether existing certificates must be closed and reopened in the trust name or can instead name the trust as POD beneficiary
Required Documents
- Full trust agreement or Certificate of Trust. Either is accepted. A Certificate of Trust is also called an Abstract of Trust or Certification of Trust
- Government-issued photo ID (for all trustees)
- Trust tax identification number. An Employer Identification Number (EIN), or the SSN for a revocable trust
- POD (Payable on Death) form for deposit accounts
- Separate IRA beneficiary designation form for IRA accounts
- Full legal name and date of birth
- Social Security number
- Relationship to account holder
- Mail to the address provided on the form
- Or visit any branch to submit in person
- Designate primary and contingent beneficiaries
- Include percentage allocations totaling 100%
Required Documents
- Beneficiary's full legal name and date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account holder
- Government-issued photo ID (at a branch)
What First Community CU (ND) says about beneficiaries and trusts
Each section is First Community CU (ND)'s own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary4
- Payable-on-death account
A POD designation is available on deposit accounts: checking, savings, money market and certificates.1
- Certificate of deposit
Each certificate carries its own POD designation.1
- IRA
An IRA uses a separate beneficiary designation; a POD designation does not apply to IRAs.1
- Coverdell education savings account
The Coverdell ESA follows its designated child instead of a POD designation.1
Who can be named2
- A trust, payable-on-death accounts
A trust may be named as POD beneficiary on deposit accounts.1
- A trust, IRAs
An IRA can name a trust as beneficiary.1
- A person, IRAs
An IRA can name a person as beneficiary.1
- A trust, health savings accounts
An HSA can name a trust as beneficiary.1
- A person, health savings accounts
An HSA can name a person as beneficiary.1
How many beneficiaries, and how shares are split
- All accounts
Primary and contingent beneficiaries are designated with percentage allocations totaling 100%.1
Beneficiary forms First Community CU (ND) issues2
- Payable on Death (POD) beneficiary designation form
For payable-on-death accounts. Sent by the institution on request.1, 2
Return to
Mailing address: First Community Credit Union, Attn: Operations Department, 310 10th Street Southeast, P.O. Box 2180, Jamestown, ND 58402-2180
- IRA beneficiary designation form
For IRAs. Sent by the institution on request.1
Which accounts a trust can hold3
What First Community CU (ND) says about trust accounts1
- Membership
Because the $5 par-value share account establishes membership, it stays in the member's own name even when the other accounts move into the trust.1
Not in First Community CU (ND)'s published guidance2
- A beneficiary form to download
- An online way to name a beneficiary
Sources
(2)·
Data sourced from First Community CU (ND) primary sources (15 pages reviewed). How we research.
Download these First Community CU (ND) instructions
A printable PDF with the steps, required documents, and contact details, verified against First Community CU (ND) primary sources. Bring it to the branch or keep it beside the phone.
First Community CU (ND) estate support
Phone
Toll-free
Debit Card 24-Hour Service
Credit Card 24-Hour Service
Fax
Mailing address
Website
Estate requests go through general customer service.
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