How to name beneficiaries and fund a trust at Hanscom FCU

Hanscom FCU records the beneficiary as a Revocable Trust Account under its Disclosure: one or two owners (called trustees) hold the account in trust for another, and on the death of the trustee(s) payment may be made to the person for whom the trust was made, or to that person's legal representative.¹

IRA accounts have separate beneficiary designations on the IRA application. A POD or Revocable Trust Account designation on a checking or savings account does not carry over to an IRA.²

A trust can be named as the POD beneficiary on a deposit account.²

Completed by the account owner, signed at the branch or returned by mail. Sent by the institution on request.²

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Any pledge of the account must be satisfied before the rights of a surviving owner or account beneficiary become effective.¹

The credit union will not automatically notify beneficiaries.²

Being named a joint owner of a joint account is not enough to establish membership. Each member must purchase and maintain at least one share in a share account naming them sole or primary owner.³

Checking, savings, money market and share certificate accounts can be titled in the name of a revocable living trust.²

IRAs cannot be retitled and use a beneficiary designation instead.²

Sent by the institution on request.²

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For shares issued in a revocable trust, "the settlor must be a member of this credit union in his or her own right." Both must state the name of the beneficiary.³

For an irrevocable trust, either the settlor or the beneficiary must be a member. A trust may itself be a member as an entity only if every settlor, beneficiary and trustee is within the field of membership.³

The $5.00 par share stays in the individual Prime Share Savings account.²

The credit union is not responsible for the actions of a fiduciary and undertakes no obligation to monitor or enforce the terms of the trust.¹