How to name beneficiaries and fund a trust at Janney

A TOD account may be owned only by one or more individual natural persons, never by trusts, corporations, partnerships, attorneys-in-fact or other non-natural persons.¹

Only assets held in nominee ("street") name by Janney can be registered in beneficiary form, and Janney will not register an account in beneficiary form at all if it holds any ineligible asset.¹

Multiple owners of a TOD account must hold with right of survivorship or as survivorship community property, never as tenants in common.¹

Annuities, precious metals, futures, options, commodities, and limited partnership or business interests are not TOD-eligible and pass to the estate.¹

Life insurance is not TOD-eligible and passes to the estate.¹

IRA and other retirement accounts use a beneficiary designation form filed with the custodian, Janney Trust Co, not the brokerage TOD form.²

The owner sets a percentage allocation for each beneficiary and designates primary and contingent beneficiaries. Per stirpes designations are permitted on the TOD form.¹

Only the account owner in an individual capacity may sign a TOD application. An attorney-in-fact, guardian or conservator may not create or revoke a TOD registration or change its beneficiaries unless the owner expressly authorized it in Section 3 of the TOD application.¹

On a joint account, every owner must sign a beneficiary change or revocation.¹

For investment accounts. Completed by the account owner. Available to download.¹

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For IRAs. Sent by the institution on request.²

A will cannot change a Janney TOD designation; modifications or revocations made through testamentary instruments are ineffective.¹

A beneficiary is treated as having predeceased the owner unless they survive by 120 hours.¹

If no beneficiary survives the owner, no contingent or per stirpes beneficiaries are named, or every beneficiary disclaims, the TOD-eligible assets pass to the owner's estate.¹

When a joint account becomes a single account because one joint owner died, any beneficiary registration on the joint account stays in effect on the surviving single account until it is changed or revoked.¹

A TOD registration is not effective until Janney's Philadelphia main office receives and accepts it; once accepted, the effective date relates back to the date the form was signed, even if the owner has since died or become incapacitated.¹

Filing a TOD registration revokes any prior beneficiary designation on that account.¹

Revoking a designation follows the same route as creating one: a written request on a form Janney provides or accepts, effective when the Philadelphia main office receives and accepts it, with the written consent of all owners on a joint account.¹

Divorce does not revoke a designation naming the former spouse; Janney keeps paying the ex-spouse until it receives a new TOD application or a written cancellation.¹

Janney will not register the account in beneficiary form for a beneficiary under the age of majority with no custodian appointed, and absent another election it uses the Pennsylvania Uniform Transfers to Minors Act.¹

Janney's TOD terms displace state default rules on children born after the most recent accepted TOD application, a spouse married after that date, a spouse excluded after divorce, and distribution to the issue of a deceased beneficiary unless the owner designated those issue.¹

Janney holds accounts titled in the name of a trust and provides custody, a fiduciary investment platform, distribution administration, and record keeping "through our trust company partners".⁴

Personal trust administration is not performed by Janney Montgomery Scott itself.⁴

Completed by the trustee, with the advisor. Sent by the institution on request.⁵

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Existing assets are transferred from individual or joint accounts into the trust account.⁵

Custodian named in the IRA disclosure statement²