How to name beneficiaries and fund a trust at First Financial Bank

A Single-Party Account with P.O.D. Designation passes to the P.O.D. beneficiaries on the owner's death. Under the account agreement a P.O.D. account is not part of the owner's estate.¹

A Multiple-Party Account with Right of Survivorship and P.O.D. Designation passes to the P.O.D. beneficiaries only after the last surviving party dies.¹

A Single-Party Account without P.O.D. passes through the owner's estate under the will or by intestacy.¹

A convenience signer owns nothing on the owner's death unless the same person is also named a P.O.D. payee or trust account beneficiary.¹

A Trust Account at First Financial is owned by the trustees. On the death of the last surviving trustee the account passes to the named beneficiary, outside the trustee's estate.¹

A Traditional or Roth IRA uses a separate IRA beneficiary designation form. The P.O.D. election on the deposit account selection form does not carry over to it.²

When more than one beneficiary is named, the owner gives a percentage allocation.²

The account selection form is signed with a banker in a branch, and First Financial records the P.O.D. designation on the account.²

Completed by the account owner, signed with a banker. Provided at a branch.¹

For IRAs. Provided at a branch.²

The account type selected on the Uniform Single-Party or Multiple-Party Account Selection Form determines how the account passes at death, and a will may not control funds held in these accounts.¹

An IRA is not retitled to a trust. The trust is named as the IRA's beneficiary instead.²

For trust accounts. Completed by the trustees, with a banker. Provided at a branch.¹

The banker records the account as a Trust Account on the account selection form, with each trustee named as a party.²

Trust administration and estate management, through nine offices across Texas³