How to name beneficiaries and fund a trust at MidFirst

A Payable on Death (POD) beneficiary can be added to a checking, savings, money market or CD account.¹

An IRA beneficiary is named on the IRA beneficiary designation form, not with a POD designation.¹

A POD beneficiary does not need to be a MidFirst customer.²

A trust can be named as IRA beneficiary, on the IRA beneficiary designation form.¹

Under the Account Agreement, multiple POD beneficiaries share equally in the amount payable, so uneven shares are not available.²

A POD beneficiary does not need to be present to be named.²

For IRAs. Sent by the institution on request.¹

On the death of the last account owner, funds pass to the named POD beneficiary if living. If that beneficiary is not living, the share is payable to that beneficiary's estate, not to the surviving beneficiaries.²

All joint MidFirst accounts are held as joint tenants with full rights of survivorship, so a POD beneficiary takes only after the last joint owner dies.²

Named beneficiary and POD designations override instructions in the owner's will.²

MidFirst's right of offset survives the owner: a debt the account owner owes MidFirst, 1st Century Bank or Vio Bank can be applied against the account balance before anything is paid out.²

Deposit accounts (checking, savings, money market and CDs) can be retitled to a revocable living trust.¹

A trust account is governed by the trust terms and cannot also carry a POD beneficiary, so any existing POD designation is revoked before retitling.¹

An IRA cannot be retitled to a trust. A trust may instead be named as IRA beneficiary.¹

For a CD, retitling mid-term does not trigger the early withdrawal penalty; the penalty applies to withdrawing funds.²

Acting as sole trustee, co-trustee or agent; estate administration and settlement, special needs trusts, guardianships³