How to name beneficiaries and fund a trust at Lake Trust

Lake Trust treats "Pay-On-Death" and "revocable trust account" as account ownership types in its Membership and Account Agreement, not as an add-on form. The designation lives on the account paperwork.¹

Each account needs its own designation. A POD on Membership Savings does not carry over to a Special Savings account or a certificate.²

Holiday Savings and Save To Win are branch-only products from the start; their pages route to "Find a branch" rather than to an online application.^{3, 4}

IRA beneficiaries are named on the IRA paperwork, not on a deposit POD form.²

IRA Savings, IRA CD and IRA CD Plus are branch-only products from the start; their pages route to "Find a branch" rather than to an online application.^{3, 4}

HSA beneficiaries are named on the HSA paperwork, not on a deposit POD form.²

An IRA cannot be retitled to a trust; the trust is named as its beneficiary instead.²

An HSA cannot be retitled to a trust; the trust is named as its beneficiary instead.²

If two or more beneficiaries are named and survive all the owners, they take the account in equal shares, with no right of survivorship between them. If one of them later dies before payout, that share goes to their own estate, not to the others.¹

The mailed paperwork takes primary and contingent designations.²

The owner signs and dates the updated account paperwork. Designations are not taken verbally.²

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

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For IRAs. Provided at a branch.^{3, 4}

Under the agreement, the person who created the POD or revocable trust account may change beneficiaries, change the account type, and withdraw all the funds at any time.¹

Beneficiaries cannot withdraw anything until every person who created the account has died and the beneficiary is then living.¹

Lake Trust treats a revocable trust account as an ownership type under its Membership and Account Agreement, on the same footing as a Pay-On-Death account.¹

Deposit accounts and certificates are retitled to the trust at a branch, or through the package requested by mail. Existing shares and certificates are retitled into the trust's name.²

An IRA cannot be retitled to a trust.²

An HSA cannot be retitled to a trust.²

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

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Retitling a certificate does not reset its term.²

Beneficiary designations and trust retitling for brokerage and investment IRA accounts, through its advisor⁶

Trust services, which LPL Financial representatives offer access to⁷