How to name beneficiaries and fund a trust at Grow Financial
Beneficiaries are managed in branch, by phone or by mail. Trust paperwork is taken in branch or by mail
There are two ways to keep your Grow Financial accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because Grow Financial is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Both methods ensure your accounts transfer directly to the people you choose, without court involvement.
Grow Financial has 16 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Beneficiary form at Grow Financial
Payable on Death (POD) form (for payable-on-death accounts).
- Full legal name, date of birth, and Social Security number
- Relationship to you
- Percentage share. If you leave percentages blank, Grow splits the account equally among the surviving beneficiaries
- Each beneficiary's full legal name, date of birth, SSN, and relationship
- Percentage shares (if omitted, the beneficiaries take equal shares)
Required Documents
- Each beneficiary's full legal name, date of birth and Social Security number (For each beneficiary)
- Each beneficiary's relationship to you (For each beneficiary)
- Percentage share for each beneficiary (When shares are to be unequal). If percentages are left blank, Grow splits the account equally among the surviving beneficiaries
- Government-issued photo ID (When visiting a store)
- The trust document or a Certificate of Trust, plus any amendments, restatements, modifications, or revocations
- Government-issued photo ID for every trustee
- The trust's EIN, or the grantor's SSN for a revocable trust
- Retitle existing deposit accounts into the name of the trust, or
- Open new accounts directly in the trust name and move the balances
- A copy of the trust document or Certificate of Trust with any amendments
- Copies of photo ID for every trustee
- The trust EIN, or the grantor's SSN for a revocable trust
Required Documents
- Trust document or Certificate of Trust (For every trust account). Includes any amendments, restatements, modifications, and revocations. The Certificate of Trust is preferred for privacy
- Government-issued photo ID (For every trustee)
- Trust EIN or the grantor's Social Security number (The grantor SSN for a revocable trust)
- Full legal name, date of birth, and Social Security number
- Relationship to you
- Percentage share. If you leave percentages blank, Grow splits the account equally among the surviving beneficiaries
- Each beneficiary's full legal name, date of birth, SSN, and relationship
- Percentage shares (if omitted, the beneficiaries take equal shares)
Required Documents
- Each beneficiary's full legal name, date of birth and Social Security number (For each beneficiary)
- Each beneficiary's relationship to you (For each beneficiary)
- Percentage share for each beneficiary (When shares are to be unequal). If percentages are left blank, Grow splits the account equally among the surviving beneficiaries
- Government-issued photo ID (When visiting a store)
- The trust document or a Certificate of Trust, plus any amendments, restatements, modifications, or revocations
- Government-issued photo ID for every trustee
- The trust's EIN, or the grantor's SSN for a revocable trust
- Retitle existing deposit accounts into the name of the trust, or
- Open new accounts directly in the trust name and move the balances
- A copy of the trust document or Certificate of Trust with any amendments
- Copies of photo ID for every trustee
- The trust EIN, or the grantor's SSN for a revocable trust
Required Documents
- Trust document or Certificate of Trust (For every trust account). Includes any amendments, restatements, modifications, and revocations. The Certificate of Trust is preferred for privacy
- Government-issued photo ID (For every trustee)
- Trust EIN or the grantor's Social Security number (The grantor SSN for a revocable trust)
- Full legal name, date of birth, and Social Security number
- Relationship to you
- Percentage share. If you leave percentages blank, Grow splits the account equally among the surviving beneficiaries
- Each beneficiary's full legal name, date of birth, SSN, and relationship
- Percentage shares (if omitted, the beneficiaries take equal shares)
Required Documents
- Each beneficiary's full legal name, date of birth and Social Security number (For each beneficiary)
- Each beneficiary's relationship to you (For each beneficiary)
- Percentage share for each beneficiary (When shares are to be unequal). If percentages are left blank, Grow splits the account equally among the surviving beneficiaries
- Government-issued photo ID (When visiting a store)
What Grow Financial says about beneficiaries and trusts
Each section is Grow Financial's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
POD beneficiaries apply to deposit accounts only: checking, savings, money market, and certificates.1
- IRA
The POD designation does not apply to IRAs or IRA Certificates, which carry a separate beneficiary designation.1
- Health savings account
The POD designation does not apply to an HSA, which carries a separate beneficiary designation.1
How many beneficiaries, and how shares are split
- All accounts
If percentages are not stated, multiple beneficiaries take equal shares without survivorship between them.1
Beneficiary forms Grow Financial issues1
- Payable on Death (POD) form
For payable-on-death accounts. Sent by the institution on request.1
Return to
Mailing address: Grow Financial FCU, P.O. Box 89669, Tampa, FL 33689-0411
What Grow Financial's agreement says about beneficiaries5
- What the owner keeps while living
The Universal Account Agreement treats every Grow account as a revocable trust account with a POD instruction. Beneficiaries have no ownership interest until the last owner dies.1
- A beneficiary who dies first
A beneficiary who dies before the owner has that share split equally among the remaining living beneficiaries.1
- No beneficiary survives
If every named beneficiary dies before the owner, the funds are paid to the estate of the last surviving owner.1
- Claims against the account
A POD beneficiary's interest is subject to Grow's statutory lien, consensual lien, right of set-off, and any security interest the owner granted, even if the beneficiary never consented. Debts the member owed Grow come out first (sections 2(g) and 15).1
Section 15 states the statutory lien and pledge "do not apply to any Individual Retirement Account or any other account that would lose special tax treatment under federal or state law if given as security".1
- A minor as beneficiary
A beneficiary who is a minor at payout may be paid through a parent or legal guardian at Grow's discretion.1
Which accounts a trust can hold2
Trust account forms Grow Financial issues1
- Trust account application
Sent by the institution on request.2
Return to
Mailing address: Grow Financial FCU, P.O. Box 89669, Tampa, FL 33689-0411
What Grow Financial says about trust accounts3
- Who signs for the trust
Grow treats a trust designation as an agency designation on the account (Universal Account Agreement section 3). The trustee acts for the account and, unlike other agents, keeps credit union voting rights, but holds no personal ownership interest.2
Grow has no duty to inquire into the purpose of a trustee transaction.2
- The institution's right to refuse a designation or an account title
Grow may refuse trustee instructions it believes expose it to claims, or require indemnification or a bond before following them.1
- Indemnity the owner or a trustee gives
Grow may require indemnification or a bond before it follows trustee instructions (Universal Account Agreement section 3).1
Accounts handled elsewhere1
- LPL Financial
Investment and retirement accounts1
Not in Grow Financial's published guidance1
- An online way to name a beneficiary
Sources
(1)·
Data sourced from Grow Financial primary sources (15 pages reviewed). How we research.
Download these Grow Financial instructions
A printable PDF with the steps, required documents, and contact details, verified against Grow Financial primary sources. Bring it to the branch or keep it beside the phone.
Grow Financial estate support
Phone
Hillsborough County stores
Manatee County stores
Pasco County stores
Pinellas County stores
Polk County stores
South Carolina - Midlands
South Carolina - Low Country
Fax
Hours
Mailing address
Website
Estate requests go through general customer service.
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