How to name beneficiaries and fund a trust at Merchants Bank of Indiana
Covers 5 deposit, and 3 lending accounts — beneficiaries must be updated in-branch
Merchants Bank Contact Center
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
Ag Lending
WebsiteLearn more→
Contact Center (no dedicated estate department; beneficiary and trust requests are handled here or at a banking center)
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
WebsiteLearn more→
Contact Center (death notifications and account claims; no bereavement line and no claims portal)
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
WebsiteNotify online→
Verified Jul 2026
There are two ways to keep your Merchants Bank of Indiana accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
Merchants Bank of Indiana has 8 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Personal CheckingHigh-Yield Money Market AccountFixed Rate CDFlex Index CDHealth Savings Account (HSA)
1
Visit one of the eight Merchants banking centers (Carmel Midtown, Carmel, Indianapolis, Lynn, Spartanburg, Richmond x2, or Bloomington), open Monday-Friday 8:30 AM-5:00 PM ET, with government-issued photo ID. Addresses are listed at bankmerchants.com/contact-us
2
Tell the banker you want to add or update a payable-on-death (POD) beneficiary on a checking, money market, or CD account. Indiana calls this a "trust account" in its multiple-party account statute (Ind. Code 32-17-11-14) — the banker may use either term
3
Give the banker, for each beneficiary:
- Full legal name
- Date of birth
- Social Security number, if you have it
- Address
4
If you name more than one beneficiary, say expressly whether you want the survivors to take the whole account. Under Ind. Code 32-17-11-18(b), when two or more POD beneficiaries survive the owner there is NO right of survivorship between them unless the account terms or the deposit agreement expressly provide for it — so if a beneficiary predeceases you and the account is silent, that share can fall back into your estate
5
Sign the updated account agreement / signature card. Under Ind. Code 32-17-11-19(c) the signed change has to be RECEIVED by the bank during your lifetime to take effect, so do not leave a completed card sitting at home
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- No online or mailed beneficiary designation: Merchants records POD designations on the account agreement, in person or through the contact center
- The signed designation must be received by the bank during the owner's lifetime (Ind. Code 32-17-11-19(c))
- Indiana implies no right of survivorship among multiple POD beneficiaries unless the account terms say so (Ind. Code 32-17-11-18(b)) — say so expressly when you name more than one
- A right of survivorship arising from the form of the account or from a POD designation cannot be changed by will (Ind. Code 32-17-11-18(d)) — updating your will does not update the account
- A POD beneficiary overrides the will for that account
- HSA beneficiaries are designated on the HSA custodial agreement, not on a deposit-account POD form
Sources
Data sourced from Merchants Bank of Indiana primary sources (18 pages reviewed). How we research.
Download these Merchants Bank of Indiana instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Merchants Bank of Indiana primary sources. Bring it to the branch or keep it beside the phone.
Merchants Bank Contact Center
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
Ag Lending
WebsiteLearn more→
Contact Center (no dedicated estate department; beneficiary and trust requests are handled here or at a banking center)
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
WebsiteLearn more→
Contact Center (death notifications and account claims; no bereavement line and no claims portal)
Phone(844) 222-6562
Toll-Free(844) 222-6562
Mailing Address
Merchants Bank of Indiana, 410 Monon Blvd, Carmel, IN 46032
WebsiteNotify online→
Verified Jul 2026
Estate planning articles
Learn how to protect your Merchants Bank of Indiana accounts and other assets with trusts, beneficiary designations, and estate planning documents.
