How to name beneficiaries and fund a trust at GreenState CU

A POD designation is available on checking, savings, money market and certificate accounts.¹

Beneficiaries attach per account, not per membership. Each account must be designated, and a certificate opened later is not covered by an earlier designation.¹

An IRA uses its own beneficiary designation paperwork, separate from POD on a deposit account. IRA paperwork is handled by the IRA Department, not the branch mailroom.¹

An HSA uses its own beneficiary designation form, not the deposit POD form.¹

A revocable living trust can be named as the POD beneficiary of a deposit account.¹

Multiple beneficiaries are permitted, with allocation percentages.¹

Every owner on the account signs the designation. A phone call alone does not create it; a signed document from every account owner is required.¹

For payable-on-death accounts. Sent by the institution on request.^{1, 2}

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For IRAs. Sent by the institution on request.^{1, 2}

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For health savings accounts. Sent by the institution on request.¹

Share savings, checking, money market and certificate accounts can be held in the trust name.¹

Sent by the institution on request.^{1, 3}

The account is titled in the name of the trust, and the trustee signs as trustee.¹

On a trust-titled deposit account GreenState holds the money and the trustee runs the account. GreenState neither acts as trustee nor enforces the trust's terms.¹

The $5 membership share account stays in place. It is what keeps the membership open behind the trust-titled accounts.¹

GreenState's Revocable Living Trust FAQ lists what it expects a trustee to do after death: notify creditors, give written notice to beneficiaries, collect and appraise assets, provide accountings, secure and sell property, file tax returns and distribute the remainder.⁴

Trust and estate administration, including serving as corporate trustee^{5, 6}

Kids' Greenlight cards that GreenState gives members, which are not GreenState deposits¹