How to name beneficiaries and fund a trust at First Merchants
Covers 11 deposit, 2 retirement, 1 investment, and 4 lending accounts — beneficiaries must be updated in-branch
Customer Service
First Merchants Bank, PO Box 549, Daleville, IN 47334
Private Wealth Advisors - Fiduciary Services
Death Claims (handled through Customer Service and the banking center; no dedicated estate-claims department is published)
First Merchants Bank, PO Box 549, Daleville, IN 47334
There are two ways to keep your First Merchants 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 Merchants has 18 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 will require probate if nothing is set up. Each is covered below.
- Full legal name and Social Security number for each beneficiary
- Percentage allocations if naming multiple beneficiaries
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- First Merchants does not publish a downloadable beneficiary form or an online beneficiary-management screen -- POD designations are made with a banker or by calling 1-800-205-3464
- Indiana accounts offer TWO POD variants under the Transfer on Death Property Act (Ind. Code 32-17-14): "with LDPS" (lineal descendants per stirpes substitute for a predeceased beneficiary) and "No LDPS" (a predeceased beneficiary's share is reallocated among the surviving beneficiaries). Ask for the one you want by name -- the choice only matters if a beneficiary dies before you.
- If no beneficiary survives the owner and no LDPS substitute exists, the account belongs to the owner's estate and goes through probate (deposit account agreement, Additional Transfer on Death Property Act Rules)
- Under the deposit account agreement, the person(s) who created a POD account may change beneficiaries, change account types, and withdraw all or part of the funds at any time
- Michigan and Ohio accounts use the plain "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
- Named beneficiaries override your will
Sources
Data sourced from First Merchants primary sources (28 pages reviewed). How we research.
Download these First Merchants instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against First Merchants primary sources. Bring it to the branch or keep it beside the phone.
Customer Service
First Merchants Bank, PO Box 549, Daleville, IN 47334
Private Wealth Advisors - Fiduciary Services
Death Claims (handled through Customer Service and the banking center; no dedicated estate-claims department is published)
First Merchants Bank, PO Box 549, Daleville, IN 47334
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