How to name beneficiaries and fund a trust at PlainsCapital

On a single-party account with a P.O.D. designation, the owner is sole owner during life; at death ownership passes to the P.O.D. beneficiaries and the account is not part of the party's estate.¹

A single-party account without a P.O.D. designation passes at death as part of the party's estate under the party's will or by intestacy.¹

A multiple-party account with right of survivorship passes to the surviving parties, not through a will.¹

A multiple-party account with right of survivorship and a P.O.D. designation passes to the P.O.D. beneficiaries on the death of the last surviving party.¹

On a multiple-party account without right of survivorship, the deceased party's share passes through the estate.¹

The signers own a convenience account, not the convenience signer, who may transact for the owner during life. On the death of the last surviving party it passes through that owner's estate.¹

The designated convenience signer owns the account on the owner's death only if also designated as a P.O.D. payee or trust account beneficiary. The agreement also lets the bank pay funds to a convenience signer before it receives notice of the last owner's death.¹

A community property account, with or without right of survivorship, is available only to a married couple and only if noted on the Signature Card. Ownership is determined solely by applicable state law and may be affected by a will.¹

On an informal trust account, a beneficiary may not withdraw until all trustees are deceased; on the death of the last surviving trustee ownership passes to the beneficiary.¹

A health savings account with beneficiary designation has one owner only.¹

An HSA uses the account's own beneficiary designation, not a P.O.D. designation.²

An IRA uses the account's own beneficiary designation, not a P.O.D. designation; an IRA is never a P.O.D. deposit account.²

A trust is named as beneficiary on the IRA's own beneficiary form.²

A trust is named as beneficiary on the HSA's own beneficiary form.²

Primary and contingent designations are made, with distribution percentages if there are several payees.²

Signing the Signature Card is completed at a branch; it cannot be finished over the phone.²

Provided at a branch.²

The agreement states that the type of account selected may determine how property passes at death, and that a will may not control the disposition of funds held in some account types.¹

If an owner pledges the account, the pledge prevails over the rights of any P.O.D. beneficiary, to the fullest extent permitted under Texas law.¹

On a multiple-party account the parties own the account in proportion to the parties' net contributions.¹

If spouses on a community property account later divorce, the bank treats them as joint owners with right of survivorship.¹

A time deposit can be re-titled into a living trust held within the bank.¹

An IRA cannot be retitled to a trust.²

An HSA cannot be retitled to a trust.²

The agreement lets the bank treat an account as an informal Trust Account if it is designated "ITF" or "in trust for", or established as trustee for a third person without formal trust documents.¹

Provided at a branch.²

The deposit agreement waives the early withdrawal penalty when a time deposit is re-titled into a living trust held within the bank.¹

Executor of estates and trustee of living and testamentary trusts⁴