How to name beneficiaries and fund a trust at Logix

Under the Membership and Accounts Agreement, an Individual Account or a Joint Tenants With Rights of Survivorship Account with one or more designated beneficiaries "will be classified as a Totten Trust Account"; the owner is shown as trustee under "additional names on account" on statements.¹

A Totten Trust Account cannot be opened without a beneficiary designated on the application. Logix states it will not accept responsibility to act as trustee or successor trustee under any circumstances and has no duty to monitor the account or the status of the trustees or beneficiaries.¹

A beneficiary on an IRA is added by phone or at a branch, because the agreement requires a signed IRA form for IRA account activity.¹

A beneficiary on an Education IRA is added by phone or at a branch, because the agreement requires a signed IRA form for IRA account activity.¹

Beneficiary designations on investment accounts held through Logix Financial Services sit with LPL Financial rather than with the credit union.²

On the death of all Account Holders named as trustee, the agreement says Logix "shall distribute the funds equally to the beneficiaries". The owner gives the number of beneficiaries; there is no percentage field to complete.¹

The owner signs the designation. The beneficiary does not need to be present.¹

Completed by the account owner. Sent by the institution on request.¹

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A named beneficiary has no rights in the account during the owner's lifetime.¹

Where more than one Account Holder is named as trustee, Logix acts on the signature of any one of them, whether or not another trustee is incapacitated or deceased.¹

The beneficiary does not need to be a Logix member.¹

The agreement says the designation "trustee" under "additional names on account" is what identifies the account as a Written Trust Account.¹

The agreement says Written Trust Accounts are entity accounts and "may not have the same regulatory protections afforded to consumer accounts."¹

For trust accounts. Completed by the trustees. Sent by the institution on request.¹

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An existing account can be retitled into the trust or a new trust account opened; a New Account Application is completed in the name of the trust.¹

Logix states it "shall not accept responsibility to act as a trustee or successor trustee under any circumstances, regardless of any trust agreement which provides otherwise."¹

Logix states it is not required to know, understand, interpret, or enforce the terms of any trust documentation provided, and that accepting the certification does not make it responsible for complying with the trust.¹

Logix has no duty to monitor the account or determine whether the trustee is complying with the trust.¹

Investment and insurance accounts; their beneficiary designations sit with LPL Financial or the issuing carrier^{2, 4}