How to name beneficiaries and fund a trust at First Community CU (OR)
Beneficiaries are managed in branch, by phone or by mail. Trust paperwork is taken in branch or by phone
Estate planning at First Community CU (OR) means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because First Community CU (OR) is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Without one of these in place, accounts may require probate before your family can access the funds.
First Community CU (OR) offers 13 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.
Beneficiary form at First Community CU (OR)
Membership Form (Membership and Account Application, Account Update, or Change Card) (for payable-on-death accounts) and IRA beneficiary designation form (for IRAs).
- Deposit accounts: the Membership Form (Membership and Account Application, Account Update, or Change Card) on which the POD designation is recorded
- IRA accounts: the separate IRA beneficiary designation form
- Full name and Social Security number
- Date of birth and relationship to account owner
- Primary or contingent designation with percentage allocation
- Fill in all required beneficiary information
- Return by mail or visit a branch to submit. The credit union requires written notice to add or change a beneficiary, so a phone call alone does not change the designation
- Enter primary and contingent beneficiary information
- Sign the form
Required Documents
- Beneficiary's full name
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account owner
- Primary or contingent designation with percentage allocation (in a branch)
- Beneficiary designation form, completed and signed (when returning it by mail)
- Full trust agreement or Certificate of Trust
- Government-issued photo ID for all trustees
- Trust tax identification number (EIN) or SSN for revocable trusts
- Fill out new account paperwork in the trust name
- Each trustee is designated as trustee on the Membership Form
- Existing accounts may need to be closed and reopened under the trust title
- Review trust account requirements and documentation needed
- Confirm whether the credit union will accept a Certificate of Trust in place of the full trust agreement for your accounts
- Most trust account openings require a branch visit to complete
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 each trustee)
- Trust tax identification number. An Employer Identification Number (EIN), or the SSN for a revocable trust
- Deposit accounts: the Membership Form (Membership and Account Application, Account Update, or Change Card) on which the POD designation is recorded
- IRA accounts: the separate IRA beneficiary designation form
- Full name and Social Security number
- Date of birth and relationship to account owner
- Primary or contingent designation with percentage allocation
- Fill in all required beneficiary information
- Return by mail or visit a branch to submit. The credit union requires written notice to add or change a beneficiary, so a phone call alone does not change the designation
- Enter primary and contingent beneficiary information
- Sign the form
Required Documents
- Beneficiary's full name
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account owner
- Primary or contingent designation with percentage allocation (in a branch)
- Beneficiary designation form, completed and signed (when returning it by mail)
What First Community CU (OR) says about beneficiaries and trusts
Each section is First Community CU (OR)'s own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
POD designations are available on deposit accounts (checking, savings, money market and share certificates) and are recorded on the Membership Form.1
- IRA
A POD designation does not apply to an IRA. IRAs are governed by their own account agreement and beneficiary designation.1
- Health savings account
An HSA requires a separate beneficiary designation.1
Who can be named1
How many beneficiaries, and how shares are split
- Payable-on-death account
Sums payable to more than one surviving POD beneficiary are distributed equally, and one beneficiary does not take another beneficiary's share on that beneficiary's death.1
What a designation takes to be effective
- All accounts
Any owner may change a beneficiary, by written notice to the credit union on a form it approves.1
Beneficiary forms First Community CU (OR) issues2
- Membership Form (Membership and Account Application, Account Update, or Change Card)
For payable-on-death accounts. Sent by the institution on request.1
Return to
Mailing address: First Community Credit Union, 200 North Adams Street, Coquille, OR 97423
- IRA beneficiary designation form
For IRAs. Sent by the institution on request.1
Return to
Mailing address: First Community Credit Union, 200 North Adams Street, Coquille, OR 97423
What First Community CU (OR)'s agreement says about beneficiaries4
- What the owner keeps while living
The POD account is payable to the owners during their lifetimes and, when the last account owner dies, to any named, living POD beneficiary.1
- Changing or revoking a designation
A beneficiary change must be made in writing, on a form approved by the credit union. A phone call alone does not change the designation.1
- Who can see the designation
First Community is not obligated to notify a beneficiary that the account or the designation exists.1
- Online access
Online beneficiary designation is not available; a beneficiary is named in a branch, by phone or by mail.2
Which accounts a trust can hold2
What First Community CU (OR) says about trust accounts4
- Who signs for the trust
Under the Membership and Account Agreement, the credit union opens accounts pursuant to a court order, trust agreement or similar authority, and the person acting as trustee or other fiduciary is designated as such on the Membership Form.1
- Certificates moved into a trust
The Truth in Savings disclosure states that all certificate accounts are nontransferable and nonnegotiable and that no additional deposits are allowed once opened. Moving a certificate into a trust means closing it, or waiting for the five-business-day window after maturity.3
Closing a certificate early triggers the early withdrawal penalty: 90 days' interest on terms under a year, or 180 days' on longer terms. The disclosure lists no death or trust-funding exception.3
- Claims against the account
A revocable trust account is inside the credit union's lien: the agreement defines "shares" to include P.O.D., revocable trust and custodial accounts, while excluding IRAs and irrevocable trust or fiduciary accounts in which the member has no vested ownership interest.1
- Online access
Trust accounts require a branch visit and cannot be opened online.2
Accounts handled elsewhere1
- LPL Financial
Investment and annuity accounts opened through First Community Investment Services4
Sources4
- 1.Membership and Account Agreement
- 2.Locations
- 3.Truth in Savings disclosure
- 4.First Community Investment Services
Sources
(2)·
Data sourced from First Community CU (OR) primary sources (15 pages reviewed). How we research.
Download these First Community CU (OR) instructions
A printable PDF with the steps, required documents, and contact details, verified against First Community CU (OR) primary sources. Bring it to the branch or keep it beside the phone.
First Community CU (OR) estate support
Customer Service Center
Phone
Coquille Main Branch
Lost Cards (24-hour)
PIN Change
Telephone Banking
First Community Insurance
First Community Investment Services (LPL)
Hours
Mailing address
Website
Estate requests go through general customer service.
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