Estate planning at First Community CU
How to protect 13 First Community CU accounts — manage beneficiaries in-branch, fund a trust in-branch, and file death claims
Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
Death Claims / Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
How your First Community CU accounts transfer at death depends on how each one is set up. As a membership-based credit union, First Community CU membership open to anyone who lives or works in 22 Oregon counties: Clackamas, Coos, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Morrow, Multnomah, Polk, Sherman, Umatilla, Wasco, Washington, and Yamhill. Family members of existing members are also eligible. 28 branches throughout Oregon, headquartered in Coquille. With 13 account types, the transfer rules vary—getting the right designations in place now prevents delays and court involvement later.
First Community CU handles beneficiary designations in branch, by mail, and by phone. Accounts can also be retitled into a trust to keep them out of probate entirely.
First Community CU has documented procedures for both preparing accounts during your lifetime and handling claims when an account holder passes away.
Preparing your estate
Beneficiaries and trust funding
How to update beneficiaries in-branch, fund a trust in-branch, and review 13 account types at First Community CU.
View details →When someone dies
Death claim process
4-step process, 6 required documents, and contact information for survivors.
View details →Because First Community CU serves a limited number of states, procedures for trust funding and beneficiary changes may differ depending on your location. Verify availability before starting.
Frequently asked questions
Yes. Checking, savings, money market, and share certificate accounts can be retitled to a revocable living trust. Visit a branch with your trust agreement or Certificate of Trust, government-issued photo ID for all trustees, and the trust tax identification number (an EIN, or the grantor's Social Security number for a revocable trust). Existing accounts may need to be closed and reopened under the trust title, with each trustee designated as trustee on the Membership Form. The account agreement is explicit that the credit union does not give legal advice and will not counsel you on which arrangement fits your trust or will, so decide the structure before you go in. IRA and HSA accounts cannot be retitled to a trust but can name a trust as beneficiary.
Separately from deposit accounts. The Membership and Account Agreement states that a POD designation does not apply to IRAs, which are governed by their own account agreement and their own beneficiary designation. So the POD beneficiary you name on a checking or savings account does not carry over to an IRA Savings or IRA Certificate -- you must complete the IRA beneficiary form, available at any branch or by calling (855) 328-2441. A trust may be named as IRA beneficiary, but an IRA itself cannot be retitled into a trust. The same separate-designation rule applies to Health Savings Accounts.
Sources
Data sourced from First Community CU primary sources (21 pages reviewed). How we research.
Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
Death Claims / Member Services
First Community Credit Union, 200 N Adams St, Coquille, OR 97423
Estate planning articles
Learn how to protect your First Community CU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
