How to designate beneficiaries at Live Oak Bank
Beneficiaries are managed online or by phone
Estate planning for your Live Oak Bank accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Live Oak Bank has 10 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
- Name, relationship, date of birth and Social Security number
- For a trust: the exact legal trust name, the date of the trust and the trustee name(s)
- Percentage allocation across beneficiaries
- Full name, relationship, date of birth and Social Security number of each beneficiary
- The exact legal trust name, the date the trust was executed and the trustee name(s), if the beneficiary is a trust
- The percentage allocation
Required Documents
- Beneficiary's name, relationship, date of birth and Social Security number
- Trust's exact legal name and the date of the trust (for a trust). No trust document is submitted at designation time; only the trust name and the trust date are entered
- Trustee name(s) (for a trust)
What Live Oak Bank says about beneficiaries
Each section is Live Oak Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
A POD beneficiary is added or updated on a savings or CD account through "Beneficiary Settings". A co-owner or beneficiary can only be added after the funding step of the application is complete.1
- Trust account
Live Oak does not offer trust accounts, so a savings account or CD cannot be retitled into or held by a trust: "No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish."2
Business savings accounts are not offered for trusts either.3
The Fiduciary Accounts section of the Consumer Terms and Conditions states that an account "may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders."4
Who can be named3
- A person
A beneficiary must be a living person, a charity, a trust or a non-profit organization. An individual beneficiary must be a U.S. citizen.1
- A charity or nonprofit
A charity or non-profit organization must qualify as such under Internal Revenue Service regulations.1
- A trust
A trust can be named as a POD beneficiary of a personal savings or CD account even though Live Oak does not open accounts in the name of a trust. The account stays in the owner's individual name during life.1
How many beneficiaries, and how shares are split
- All accounts
The owner sets the percentage allocation across multiple beneficiaries.1
What Live Oak Bank's agreement says about beneficiaries4
- What the owner keeps while living
A POD beneficiary cannot withdraw until the person who created the account dies and the beneficiary is then living. The owner keeps the right to change beneficiaries, change the account type and withdraw the funds.4
- A designation and a will
Named POD beneficiaries override the instructions in a will.1
- Changing or revoking a designation
Beneficiaries can be added, changed or removed at any time. A co-owner generally cannot be removed once added.1
- The institution's right to refuse a designation or an account title
Live Oak reserves the right to refuse some forms of ownership and beneficiary designation on any or all of its accounts. It makes no representation about the appropriateness or effect of a designation, except as it determines whom the funds are paid to.4
Sources4
- 1.Live Oak Bank online banking
- 2.Support article: Can I open an account in the name of my Trust?
- 3.Support article on business savings accounts for trusts
- 4.Consumer Terms and Conditions
Sources
- liveoak.bank
- support.liveoak.bank
- resources.liveoak.bank
- api.fdic.gov
- info.liveoak.bank
- secure.liveoak.bank
Data sourced from Live Oak Bank primary sources (18 pages reviewed). How we research.
Download these Live Oak Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Live Oak Bank primary sources. Bring it to the branch or keep it beside the phone.
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