How to name beneficiaries and fund a trust at First Merchants

When more than one beneficiary is named, the owner gives a percentage allocation for each.¹

For payable-on-death accounts. Completed by the account owner, at a banking center. Sent by the institution on request.¹

Named beneficiaries override your will.¹

Under the deposit account agreement, the people who created a POD account may change beneficiaries, change account types, and withdraw all or part of the funds at any time.²

If no beneficiary survives the owner and no lineal descendant takes a beneficiary's place, the account belongs to the owner's estate and goes through probate.²

Indiana accounts offer a "Pay-on-Death Account with LDPS": if a beneficiary dies before the owner, that beneficiary's lineal descendants per stirpes take that beneficiary's place.²

The other Indiana variant, "Pay-on-Death Account No LDPS", drops a beneficiary who dies before the owner, and that share is reallocated among the surviving beneficiaries. Ask for the variant you want by name.²

Michigan accounts use the "Revocable Trust or Pay-On-Death Account" rule: beneficiaries cannot withdraw until all persons who created the account have died and the beneficiary is then living.²

Ohio accounts use the "Revocable Trust or Pay-On-Death Account" rule: beneficiaries cannot withdraw until all persons who created the account have died and the beneficiary is then living.²

Investment management accounts may require separate retitling procedures through the Private Wealth Advisors team.³

Fiduciary services, trust administration and estate planning, including trust funding discussions³