How to name beneficiaries and fund a trust at Grow Financial
Covers 10 deposit, 4 retirement, and 1 investment accounts — beneficiaries must be updated in-branch
Grow Financial FCU, P.O. Box 89909, Tampa, FL 33689-0415
Grow Financial FCU, P.O. Box 89909, Tampa, FL 33689-0415
Deposit Servicing (Death Certificates)
Grow Financial FCU, P.O. Box 89669, Tampa, FL 33689-0411
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 15 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
- 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
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- POD beneficiaries apply to deposit accounts only: checking, savings, money market, and certificates
- 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
- Beneficiaries are paid the balance as of the date of death of the last owner, and dividends accrued after that date may be reversed before payout
- If percentages are not stated, multiple beneficiaries take equal shares without survivorship between them
- A beneficiary who predeceases the owner has their share split equally among the remaining living beneficiaries
- If every named beneficiary predeceases the owner, the funds are paid to the estate of the last surviving owner
- POD designations do NOT apply to IRAs or HSAs, which carry separate beneficiary designations
- A beneficiary's interest is subject to Grow's lien and right of set-off -- debts the member owed Grow come out first
- A beneficiary who is a minor at payout may be paid through a parent or legal guardian at Grow's discretion
- LPL Financial investment accounts have their own beneficiary process, handled by the LPL advisor
Sources
Data sourced from Grow Financial primary sources (15 pages reviewed). How we research.
Download these Grow Financial instructions
Download instructions for the whole estateA 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 FCU, P.O. Box 89909, Tampa, FL 33689-0415
Grow Financial FCU, P.O. Box 89909, Tampa, FL 33689-0415
Deposit Servicing (Death Certificates)
Grow Financial FCU, P.O. Box 89669, Tampa, FL 33689-0411
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