How to name beneficiaries and fund a trust at Georgia's Own
Beneficiaries are managed in branch or by mail. Trust paperwork is taken in branch or by phone
Estate planning at Georgia's Own means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Georgia's Own 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.
Georgia's Own 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 Georgia's Own
Account Form (Account Designations and POD Beneficiaries sections, page 2) (for payable-on-death accounts) and IRA beneficiary designation (for IRAs).
Open the form →- Deposit accounts: the Account Form, page 2
- IRAs: the separate IRA beneficiary designation, which the Account Form does not cover
- Add Beneficiary to existing account
- Delete Beneficiary
- Change Account Designation
- Payable on Death (POD) Account
- Beneficiary name
- Social Security number
- Phone number
- Date of birth
- Mailing address
Required Documents
- Account numbers the designation applies to
- Beneficiary's name
- Beneficiary's Social Security number
- Beneficiary's phone number
- Beneficiary's date of birth
- Beneficiary's mailing address
- Account Form, completed and signed (for a deposit account, handed in at a branch or mailed)
- Certification or Abstract of Trust (usually created at the time the trust documents are drafted)
- Trustees' identification
- If applicable, the IRS letter with the EIN issued
- Additional documents as requested by Georgia's Own
Required Documents
- Certification or Abstract of Trust. Usually created at the time the trust documents are drafted. Either a Certification of Trust or an Abstract of Trust is accepted
- Trustees' identification
- IRS letter with the EIN (if applicable)
- Additional documents as requested by Georgia's Own
- Deposit accounts: the Account Form, page 2
- IRAs: the separate IRA beneficiary designation, which the Account Form does not cover
- Add Beneficiary to existing account
- Delete Beneficiary
- Change Account Designation
- Payable on Death (POD) Account
- Beneficiary name
- Social Security number
- Phone number
- Date of birth
- Mailing address
Required Documents
- Account numbers the designation applies to
- Beneficiary's name
- Beneficiary's Social Security number
- Beneficiary's phone number
- Beneficiary's date of birth
- Beneficiary's mailing address
- Account Form, completed and signed (for a deposit account, handed in at a branch or mailed)
What Georgia's Own says about beneficiaries and trusts
Each section is Georgia's Own's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
A designation is account-specific, not member-wide: the Account Form lists the account numbers it applies to.1
- IRA
Section 4 of the Membership and Account Agreement says a POD or trust beneficiary designation "shall not apply to Individual Retirement Accounts (IRAs)". IRAs carry their own beneficiary designation.2
Who can be named1
- A trust
A member's legal trust can be named as beneficiary. The Survivor's Guide says that designation supersedes any individually named beneficiaries, and payment is made in full to the trust.3
How many beneficiaries, and how shares are split
- All accounts
Where more than one beneficiary survives, they "own the funds jointly in equal shares without rights of survivorship", unless state law provides otherwise or the credit union permits and documents a different split.2
The Account Form has no percentage field, so a standard designation produces equal shares. Its printed beneficiary grid holds two beneficiaries.1
What a designation takes to be effective
- All accounts
The member signs the form, and each joint owner on the listed accounts signs on their own line.1
The printed Account Form has three signature lines (Member, Joint Owner 1, Joint Owner 2), so a designation covering an account with more than two owners needs additional pages or branch paperwork.1
Beneficiary forms Georgia's Own issues2
- Account Form (Account Designations and POD Beneficiaries sections, page 2)
For payable-on-death accounts. Available to download.1
Return to
Mailing address: Georgia's Own Credit Union, P.O. Box 105205, Atlanta, GA 30348
- IRA beneficiary designation
For IRAs. Sent by the institution on request.1
What Georgia's Own's agreement says about beneficiaries2
- Changing or revoking a designation
Section 27 of the Membership and Account Agreement reserves the right to require account changes to be evidenced by a signed Account Form, so changes are made in writing rather than by phone.2
- Who can see the designation
The credit union "is not obligated to notify any beneficiary/payee of the existence of any account nor the vesting of the beneficiary/payee's interest".2
Which accounts a trust can hold1
- Trust account
The Special Accounts page offers trust accounts supporting either a revocable trust or an irrevocable trust, alongside estate, guardian or conservator, and representative payee or fiduciary accounts.4
The Survivor's Guide describes a deposit trust account as an account in the name of a legal trust, managed by the trustee, co-trustee, successor trustee or trust administrator during the grantor's lifetime and after death, with funds generally passing to the beneficiaries or the trust without probate.3
Older deposit trustee accounts, opened before the credit union offered POD and deposit trust accounts, pay the named beneficiaries, or the legal trust if one was named. Where a co-trustee exists, the funds pass to the co-trustee to manage until their death.3
Naming a trust as POD payee is not the same as titling the account to the trust. Section 4 of the Membership and Account Agreement, on POD and trust designations, ends: "This paragraph does not apply to an account held on behalf of or in the name of a trust."2
What Georgia's Own says about trust accounts1
- Review of the trust document
Under section 27 of the Membership and Account Agreement, if the credit union believes an instruction under a trust, will or court order could expose it to claims, it may refuse to follow the instruction or require indemnification, a bond or other protection.2
Sources
(1)·
Data sourced from Georgia's Own primary sources (15 pages reviewed). How we research.
Download these Georgia's Own instructions
A printable PDF with the steps, required documents, and contact details, verified against Georgia's Own primary sources. Bring it to the branch or keep it beside the phone.
Georgia's Own estate support
Special Accounts (estate, guardian/conservator, trust, representative payee)
Phone
Hours
Mailing address
Website
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