How to name beneficiaries and fund a trust at Golden 1

One Beneficiary Designation Form applies to all existing and future accounts under the same overall membership number, except IRAs. It cannot give two deposit accounts different beneficiaries.¹

POD (payable on death) designations are available on deposit accounts. Accounts opened later inherit the designation automatically.¹

An IRA carries its own Designation of Beneficiary form. The deposit-account Beneficiary Designation Form expressly does not reach IRAs.¹

If more than one beneficiary is named they share equally unless different percentages are listed. Where the percentages do not total 100%, the beneficiaries share equally.¹

The form carries three contingent slots. A contingent beneficiary receives funds only if every primary beneficiary is deceased.¹

All account owners must sign the Beneficiary Designation Form; the form states the request is not effective unless every account holder signs it. Valid government-issued photo ID is required for all account owners.¹

The Account Agreement says "any account owner (including any one joint owner, in the case of a joint account)" may change a beneficiary.²

When Golden 1 completes or receives beneficiary updates in a branch, all owners must be present.³

Completed by every account owner. Available to download.¹

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Submitting the form cancels and revokes all previous beneficiary designations for the account. To clear a designation without naming anyone new, the owner checks the revocation box and leaves the beneficiary blocks blank.¹

The Account Agreement says an owner "may add, modify, or remove a beneficiary or beneficiaries by completing a beneficiary addendum form, making updates within online banking, or by following the credit union's in-branch process."²

A change takes effect only once Golden 1 has received the form and had a reasonable opportunity to act on it, or once the online or in-branch process is complete. A form still in the mail on the date of death has not taken effect.²

If a beneficiary dies before the last surviving account owner, that share "will be payable to those beneficiaries who are alive when the last surviving account owner dies," not to the deceased beneficiary's own heirs.¹

If all beneficiaries die before the last surviving owner, or no beneficiary is designated, the funds are payable to the estate of the last surviving owner.¹

POD funds are payable only after the death of all account owners, so a POD beneficiary receives nothing while a joint owner survives.¹

The Account Agreement makes all obligations immediately due on death and distributes funds to surviving joint owners and named beneficiaries "only after all obligations of the deceased owner(s) due to Golden 1 have been satisfied."²

A Golden 1 loan or credit card balance is deducted before a POD beneficiary is paid.²

Available to download.⁴

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Completed by all currently acting trustees. Available to download.⁵

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Golden 1's Account Agreement provides that "you may only convert a deposit account opened as an individual or joint account to an account for a revocable trust if the social security number on the account will not change."²

A trust using the settlor's own SSN can be retitled in place. A trust with its own EIN needs a newly opened trust account and a transfer of funds.²

The Trust Closure Form (C-10) is only for closing a trust account with no new one opened. Closing one trust and opening another takes a new trust application.⁶

Golden 1 may require trustees to provide a Certification of Trust and excerpts from the original trust documents and amendments. Its sole obligation is as a depository institution, with no duty to enforce the terms of the trust.⁴

Trustees must notify Golden 1 of a change in a trustee, trustor or successor trustee address, the death or resignation of a trustor or trustee, and any trust amendment that conflicts with the account agreement.⁴

Under the Trust Account Agreement, each trustee acting alone can bind the trust.⁴

The Certification of Trust states whether one trustee or a stated minimum of co-trustees must sign to bind the trust, and all currently acting trustees sign it under penalty of perjury.⁵

Under the Trust Account Agreement, trustees and co-trustees defend, indemnify and hold Golden 1 harmless from claims arising out of the establishment or maintenance of, or any business transacted on, the trust account, including attorney's fees.⁴

The Certification of Trust requires the names of the currently acting trustees, the settlors and, as a required field, the successor trustees.⁵

A trustee's death or resignation does not end Golden 1's authority to act under the agreement until written notice has been presented and Golden 1 has had reasonable opportunity to act on it.⁴

Before transacting, a successor trustee gives proof acceptable to Golden 1 that the trustee and all co-trustees have resigned, died or cannot or refuse to act, and executes a new Trust Account Agreement. A change in trustor or trustee is not effective until then.⁴