How to name beneficiaries and fund a trust at First Intl Bank
Beneficiaries are managed in branch, by phone or by mail. Trust paperwork is taken in branch or by phone
There are two ways to keep your First Intl Bank accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
First Intl Bank has 16 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Beneficiary form at First Intl Bank
POD (Payable on Death) form (for payable-on-death accounts), IRA beneficiary designation form (for IRAs) and HSA beneficiary designation form (for health savings accounts).
- POD (Payable on Death) form for deposit accounts (checking, savings, money market, CDs)
- Separate IRA beneficiary designation form for IRA accounts
- HSA beneficiary designation form for Health Savings Accounts
- Full legal name and date of birth
- Social Security number
- Relationship to account holder
- Percentage allocation (must total 100%)
- Mail to: First International Bank & Trust, 100 North Main, Watford City, ND 58854
- Or visit any branch to submit in person
- Designate primary and contingent beneficiaries
- Include percentage allocations totaling 100%
- Provide Social Security numbers, dates of birth, and relationships for all beneficiaries
Required Documents
- Government-issued photo ID (at a branch)
- Beneficiary's full legal name and date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account holder
- 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
- FIBT trust and wealth management services available
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 Employer Identification Number (EIN). Or the SSN for a revocable trust
- POD (Payable on Death) form for deposit accounts (checking, savings, money market, CDs)
- Separate IRA beneficiary designation form for IRA accounts
- HSA beneficiary designation form for Health Savings Accounts
- Full legal name and date of birth
- Social Security number
- Relationship to account holder
- Percentage allocation (must total 100%)
- Mail to: First International Bank & Trust, 100 North Main, Watford City, ND 58854
- Or visit any branch to submit in person
- Designate primary and contingent beneficiaries
- Include percentage allocations totaling 100%
- Provide Social Security numbers, dates of birth, and relationships for all beneficiaries
Required Documents
- Government-issued photo ID (at a branch)
- Beneficiary's full legal name and date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account holder
What First Intl Bank says about beneficiaries and trusts
Each section is First Intl Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary5
- Payable-on-death account
POD designations are available for deposit accounts (checking, savings, money market and CDs).1
On a Single-Party Account With Pay-on-Death Designation, ownership passes at the owner's death to the designated POD beneficiaries and is not part of the owner's estate.2
- Joint account with survivorship
On a Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation, the POD beneficiaries take only after the last surviving party dies.2
- Account in one name
On a Single-Party Account with no POD designation, ownership passes as part of the party's estate.2
- IRA
IRA accounts require a separate beneficiary designation. POD does not apply to IRAs.1
- Health savings account
HSA accounts use a separate beneficiary designation form.1
Who can be named1
- A trust, payable-on-death accounts
A trust may be named as POD beneficiary on deposit accounts.1
- A trust, IRAs
A trust can be named as beneficiary of an IRA.1
- A trust, health savings accounts
A trust can be named as beneficiary of an HSA.1
How many beneficiaries, and how shares are split
- All accounts
Primary and contingent beneficiaries can be designated, with percentage allocations that must total 100%.1
Beneficiary forms First Intl Bank issues3
- POD (Payable on Death) form
For payable-on-death accounts. Sent by the institution on request.1
- IRA beneficiary designation form
For IRAs. Sent by the institution on request.1
- HSA beneficiary designation form
For health savings accounts. Sent by the institution on request.1
What First Intl Bank's agreement says about beneficiaries2
- The institution's right to refuse a designation or an account title
FIBT reserves the right to refuse some forms of ownership and beneficiary designation. It makes no representation about the appropriateness or effect of a designation, except in deciding to whom the funds are paid.1
- Which state governs the account
The account agreement is governed by federal law and the laws of the State of North Dakota, whatever state the account was opened in.2
Which accounts a trust can hold3
- Trust account
A deposit account (checking, savings, money market or CD) can be held in the name of your revocable trust at any FIBT branch.1
Under section 31 (Fiduciary Accounts), an account may be opened and maintained by a person or persons named as trustee under a written trust agreement, or as executors, administrators or conservators under court orders.2
- IRA
An IRA cannot be held by a trust or retitled to one.1
- Health savings account
An HSA cannot be held by a trust or retitled to one.1
What First Intl Bank says about trust accounts2
- Whether a new account is opened
Existing accounts may need to be closed and reopened under the trust title.1
- Who signs for the trust
By opening a fiduciary account the bank is not acting as trustee, and it undertakes no obligation to monitor or enforce the terms of the trust or letters.2
Accounts handled elsewhere2
- Wealth Enhancement Trust Services, LLC
Trust administration: serving as trustee, estate settlement, special needs trusts, investment and farmland management3
Phone: 1-833-307-3750
- Mineral & Land Services
Estate and wealth planning for mineral owners, where a trust is funded with mineral and royalty interests4
Phone: 1-833-842-2924
Email: info@mineraltracker.com
Not in First Intl Bank's published guidance4
- A beneficiary form to download
- An online way to name a beneficiary
- How long a change takes
- A trust certification or retitling form to download
Sources4
- 1.First International Bank & Trust (document not named)
- 2.Terms and Conditions-ND, TC-ND 6/1/2023
- 3.FIBT Wealth Services Division acquired by Wealth Enhancement
- 4.Mineral & Land Services
Sources
(1)·
Data sourced from First Intl Bank primary sources (17 pages reviewed). How we research.
Download these First Intl Bank instructions
A printable PDF with the steps, required documents, and contact details, verified against First Intl Bank primary sources. Bring it to the branch or keep it beside the phone.
First Intl Bank estate support
Wealth Enhancement Trust Services (formerly FIBT Wealth Services Division)
Phone
Mineral & Land Services and Enterprise Retirement Solutions
Website
Estate planning articles
Learn how to protect your First Intl Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
