How to name beneficiaries and fund a trust at LMCU

The form designates that "upon my death, the assets in this account (all shares except CDs, IRAs and HSAs) be paid to the beneficiaries named below."¹

A certificate cannot carry a POD beneficiary through the Beneficiary Designation Form.¹

An IRA cannot carry a POD beneficiary through the Beneficiary Designation Form; the beneficiary is named on the IRA paperwork.^{1, 2}

An HSA cannot carry a POD beneficiary through the Beneficiary Designation Form; the beneficiary is named on the HSA paperwork.^{1, 2}

A trust can be named and must be the sole beneficiary on a membership; the form does not allow a designation split between a trust and individuals.¹

Primary and contingent beneficiaries each take a percent designation; the combined primary designation must equal 100% and the combined contingent designation must equal 100%.¹

The member signs the form, and the form requires a signature to take effect. The signature block states "I hereby revoke all prior beneficiary designations, if any, made by me."¹

Either owner of a multiple-party account may change a designated beneficiary during their lifetime by written direction to the credit union.³

Completed by the member. Available to download.¹

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Signing a new form revokes every prior beneficiary designation on the membership.¹

The interest of a beneficiary who dies before the member terminates completely, and the percentage share of the remaining beneficiaries increases pro rata.^{1, 3}

If all named POD beneficiaries die before the owner or owners, the funds are paid to the estate of the last surviving owner.³

If no beneficiaries are named, the form states the member's estate will be the beneficiary.¹

A beneficiary who is not of legal age when the account is payable is paid through a legal guardian or as otherwise allowed by applicable law.³

Certificates of deposit can be retitled into a trust.²

An IRA cannot be retitled; the trust is named as beneficiary on the account's own paperwork instead.²

An HSA cannot be retitled; the trust is named as beneficiary on the account's own paperwork instead.²

A Coverdell ESA cannot be retitled; the trust is named as beneficiary on the account's own paperwork instead.²

Completed by the trustee. Sent by the institution on request.²

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Trust titling of shares and certificates is a Special Accounts opening: the member completes the trust membership application, and existing shares and certificates are retitled into the trust's name.²

Member agreement sec. 38 (Third Party Documents) states LMCU is not a party to documents such as trust agreements and that "mere possession of these documents does not in any way imply or impute knowledge of the contents of such documents to the Credit Union or its employees."³

MaxWealth Management investment accounts, through the LPL Financial advisor²