How to name beneficiaries and fund a trust at HomeStreet

You keep full control during life. At the death of the last surviving owner the funds pass to the surviving named beneficiaries.¹

The account passes to the survivors on the death of any owner.¹

On a tenancy in common account, a deceased owner's share goes to that owner's estate, not to the co-owner.¹

Married couples and registered domestic partners in Washington and California can hold one. Ownership during life and after death is determined by community property law and may be affected by a will.¹

A retirement account is never a payable-on-death deposit account. An IRA CD takes the IRA Beneficiary Designation form.²

A trust can be named on the IRA Beneficiary Designation form.²

Absent written instructions, multiple beneficiaries share equally. The form takes allocation percentages where there is more than one beneficiary.¹

For payable-on-death accounts. Sent by the institution on request.²

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For IRAs. Sent by the institution on request.²

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A designation is not effective until the bank has the signed documentation.²

Most former HomeStreet account numbers carried over unchanged. The bank says it notified the exceptions directly.²

Former HomeStreet products have new names: Free Checking and Student Checking became Essential Checking, Bank On Checking became Basic Checking, and Standard CDs became Personal CD.²

The account agreement says community property ownership is determined by community property law and may be affected by a will.¹

The account agreement says community property ownership is determined by community property law and may be affected by a will.¹

Revocable and irrevocable trusts are both accepted on deposit accounts.²

The agreement recognizes Trust and Other Fiduciary Accounts, where legal title is held by a trustee, custodian, guardian, executor, administrator, or conservator under a separate instrument.¹

An IRA cannot be retitled to a trust. The trust is named on the IRA Beneficiary Designation form.²

For trust accounts. Sent by the institution on request.²

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An existing deposit account can generally be retitled without closing and reopening it, as long as the same SSN or EIN applies.²

The same account number is kept where the same tax ID applies.²

For a Trust and Other Fiduciary Account the agreement says "You may be asked to provide a copy of relevant pages of the trust agreement and execute a trustee's certification of trust or other documents."¹

The signers certify that they are authorized to manage the account.¹

The old HomeStreet routing number still works. Use 121102036 when ordering new checks or deposit slips or setting up new ACH instructions.²

The agreement says community property ownership is determined by community property law.¹

The agreement says community property ownership is determined by community property law.¹

Trustee, executor and agency services, and Delaware trust services²