How to name beneficiaries and fund a trust at MHV FCU

A POD designation is available on deposit accounts: checking, savings, money market and certificates.¹

An IRA beneficiary is named on a separate IRA beneficiary designation form, filed on the forms of MHV's IRA/HSA Plan Administrator rather than with the credit union.¹

A trust can be named as a POD beneficiary on eligible deposit accounts.¹

A trust can be named as beneficiary of an IRA. The designation is filed on the forms of MHV's IRA/HSA Plan Administrator rather than with the credit union.¹

A trust can be named as beneficiary of a health savings account. The designation is filed on the forms of MHV's IRA/HSA Plan Administrator rather than with the credit union.¹

When more than one beneficiary is added, the owner specifies the percentage allocation.¹

Completed by the account owner. Sent by the institution on request.^{2, 1}

For IRAs. Sent by the institution on request.¹

Joint account owners have an automatic right of survivorship.¹

A beneficiary change takes effect when it is processed.¹

MHV pays designated beneficiaries only after outstanding MHV debts in the decedent's name have been satisfied.³

An outstanding credit card or consumer loan balance in the decedent's name may be offset by funds on deposit in the decedent's MHV accounts.³

An IRA cannot be retitled to a trust.¹

A health savings account cannot be retitled to a trust.¹

Existing checking, savings, money market and certificate accounts can be retitled into the trust name, or new trust accounts opened.²