How to name beneficiaries and fund a trust at Greylock FCU
Covers 12 deposit, and 4 retirement accounts — beneficiaries must be updated in-branch
150 West St, Pittsfield, MA 01201
150 West St, Pittsfield, MA 01201
Member Service (no dedicated estate/deceased-account unit is published)
Greylock Federal Credit Union, 150 West St, Pittsfield, MA 01201
Estate planning at Greylock FCU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Greylock FCU 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.
Greylock FCU offers 16 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
- Full legal name (a person OR an organization -- a trust may be named)
- Relationship to you and current contact information
- Confirmation of how many payees you are naming: Greylock divides the account balance by the number of POD payees, so shares are equal
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- POD payees are available on deposit accounts: checking, savings, money market, and certificates
- POD designations do NOT apply to IRAs -- Greylock says so expressly in Member Service Agreement Provision 4.a; IRAs carry their own beneficiary designation
- A trust or other organization may be named as a POD payee on a deposit account
- Multiple POD payees take equal shares (balance divided by the number of payees), not custom percentages
- A POD payee who dies before the owner passes that share to the payee's own estate, not to the other named payees -- review the designation after any beneficiary dies
- A POD payee who survives the owner but dies before being paid: the payee's estate may claim the funds
- Greylock has no duty to notify a POD payee of the designation; the member must do that
Sources
Data sourced from Greylock FCU primary sources (15 pages reviewed). How we research.
Download these Greylock FCU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Greylock FCU primary sources. Bring it to the branch or keep it beside the phone.
150 West St, Pittsfield, MA 01201
150 West St, Pittsfield, MA 01201
Member Service (no dedicated estate/deceased-account unit is published)
Greylock Federal Credit Union, 150 West St, Pittsfield, MA 01201
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