How to name beneficiaries and fund a trust at Mechanics Bank

On a payable-on-death account the owner keeps full control during life. On the death of the last surviving owner the funds pass to the surviving designated beneficiaries.¹

For an IRA, the designation is made on the bank's IRA account documentation rather than a P.O.D. form. A beneficiary is added or updated by phone or at a branch.²

On a joint account with right of survivorship, the deceased owner's share passes to the surviving owner or owners "unless there is clear and convincing evidence of a different intent on the signature card."¹

On a tenancy-in-common account the deceased owner's share passes to that owner's estate, not to the surviving co-owner, and goes through probate.¹

A trust can be named as the beneficiary of an IRA.³

Multiple P.O.D. beneficiaries receive equal shares unless the owner instructs the bank otherwise in writing.¹

Checking, savings, money market and CD accounts can be titled to a revocable or irrevocable trust.³

An IRA cannot be retitled to a trust.³

The bank retitles the existing account or opens a new one under trust ownership.³

On a trust or other fiduciary account, legal title is held by the signing party as trustee (or custodian, guardian, executor, administrator or conservator) under a separate trust agreement, court order or other fiduciary arrangement. Signers on the trust's signature card certify they are authorized to manage its funds.¹

The bank may ask for the relevant pages of the trust agreement plus an executed certification of trust.¹

Trust administration as sole trustee, co-trustee, executor, co-executor or agent to an individual trustee⁴

Dynasty, directed, silent, asset-protection, generation-skipping, purpose and revocable trusts under Delaware law⁵