How to name beneficiaries and fund a trust at GE Credit Union
Beneficiaries are managed in branch or by phone. Trust paperwork is taken in branch or by phone
Estate planning at GE Credit Union means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because GE Credit Union 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.
With 17 product types, GE Credit Union offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
- Full name
- Date of birth
- Social Security number
- Relationship to the account owner
Required Documents
- Beneficiary's full name
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account owner
- Primary and contingent designations
- Government-issued photo ID (at a location)
- Full trust agreement or a Certificate of Trust
- Government-issued photo ID for every trustee who will sign
- The trust's taxpayer identification number
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 every trustee who will sign)
- Trust taxpayer identification number. An EIN, or the grantor's SSN for a revocable living trust
- Membership eligibility for at least one trustee
- Full name
- Date of birth
- Social Security number
- Relationship to the account owner
Required Documents
- Beneficiary's full name
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's relationship to the account owner
- Primary and contingent designations
- Government-issued photo ID (at a location)
What GE Credit Union says about beneficiaries and trusts
Each section is GE Credit Union's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
The designation is made on the account records with a team member. GECU's disclosures apply "depending on the form of ownership and beneficiary designation, if any, specified on the account records."1
- IRA
IRA beneficiaries are designated separately from deposit-account POD beneficiaries. A POD designation on a checking or savings share does not carry to an IRA.2
- Health savings account
HSA beneficiaries are designated separately from deposit-account POD beneficiaries. A POD designation on a checking or savings share does not carry to an HSA.2
Who can be named1
- A trust, IRAs
A trust can be named as the beneficiary of an IRA.2
How many beneficiaries, and how shares are split
- All accounts
"If more than one beneficiary is listed, the account balance shall be distributed to them in equal shares." The disclosure offers no percentage allocation as an alternative default.1
Two or more beneficiaries who survive all account creators own the account in equal shares, without right of survivorship.1
What GE Credit Union's agreement says about beneficiaries5
- A beneficiary who dies first
"If any beneficiary shall predecease you, his or her interest, and the interest of any of his or her heirs, shall then terminate." The share goes to the surviving beneficiaries, not to the deceased beneficiary's children.1
- Joint accounts
A revocable trust or payable-on-death account created by two or more people is owned jointly with survivorship. "Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living."1
- What the owner keeps while living
Creators of a POD or revocable trust account may change beneficiaries, change account types and withdraw all or part of the funds at any time.1
- The institution's right to refuse a designation or an account title
GECU reserves the right to refuse some forms of ownership on any or all of its accounts.2
- Powers of attorney over a living owner's account
An agent acting under a power of attorney signs GECU's certification and indemnification form, and the original power of attorney is submitted for review before GECU approves it. GECU is under no obligation to honor a power of attorney and may refuse one or revoke an earlier acceptance.2
Which accounts a trust can hold3
- Trust account
GECU holds trust-titled checking, savings, money market and certificate accounts under the Fiduciary Accounts provision of its Deposit Account Disclosures. Such an account "may be opened and maintained by a person or persons named as a trustee under a written trust agreement."1
- IRA
IRAs are left out of a trust retitling; they pass by beneficiary designation.2
- Health savings account
HSAs and HSA Certificates are left out of a trust retitling; they pass by beneficiary designation.2
What GE Credit Union says about trust accounts4
- Membership
A GECU account requires membership, so at least one trustee must independently qualify.2
A trustee qualifies by living, working, worshipping or attending school in an eligible Ohio or Kentucky county, living or working in an eligible Indiana county, working for one of the 300+ Select Employer Groups, or being immediate family of a current member.2
- Whether a new account is opened
Some existing shares may be closed and reopened in the trust name rather than relabeled.2
- Review of the trust document
By opening the account GECU "is not acting in the capacity of a trustee in connection with the trust" and undertakes no duty to monitor or enforce the trust terms.1
- The institution's right to refuse a designation or an account title
GECU reserves the right to refuse some forms of ownership on any or all of its accounts.2
Accounts handled elsewhere1
- GECU Wealth Management (LPL Financial)
Planning conversations, through representatives who are LPL Financial employees3
Not in GE Credit Union's published guidance2
- A beneficiary form to download
- Online or mail-only trust titling
Sources
(3)·
Data sourced from GE Credit Union primary sources (17 pages reviewed). How we research.
Download these GE Credit Union instructions
A printable PDF with the steps, required documents, and contact details, verified against GE Credit Union primary sources. Bring it to the branch or keep it beside the phone.
GE Credit Union estate support
GECU Wealth Management (securities and advisory services through LPL Financial)
Phone
Toll-free
Mailing address
Website
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