How to name beneficiaries and fund a trust at MIDFLORIDA
Beneficiaries are managed in branch or by phone. Trust paperwork is taken in branch or by mail
There are two ways to keep your MIDFLORIDA accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because MIDFLORIDA is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Both methods ensure your accounts transfer directly to the people you choose, without court involvement.
MIDFLORIDA has 21 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Beneficiary form at MIDFLORIDA
POD beneficiary designation on the Account Card (for payable-on-death accounts).
- Full legal name, date of birth, Social Security number, and relationship
- Contact information for the beneficiary
- Full legal name, date of birth, Social Security number, and relationship
Required Documents
- Beneficiary's full legal name (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's Social Security number (for each beneficiary)
- Beneficiary's relationship to you (for each beneficiary)
- Contact information for the beneficiary (in a branch)
- Government-issued photo ID (in a branch)
- Government-issued photo ID for every trustee who will sign the Account Card
- The full trust agreement or a Certificate of Trust
- The trust's tax identification number (the grantor's SSN for a grantor revocable trust, or the trust EIN)
- A copy of the full trust agreement or a Certificate of Trust
- Copies of government-issued ID for all trustees
- The trust's tax identification number (EIN or grantor SSN)
Required Documents
- Trust agreement or Certificate of Trust. By mail, send a copy
- Government-issued photo ID (for every trustee who will sign the Account Card). By mail, send copies of ID for all trustees
- Trust tax identification number. The trust EIN, or the grantor's SSN for a revocable grantor trust
- Trust account application, completed (by mail)
- Full legal name, date of birth, Social Security number, and relationship
- Contact information for the beneficiary
- Full legal name, date of birth, Social Security number, and relationship
Required Documents
- Beneficiary's full legal name (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's Social Security number (for each beneficiary)
- Beneficiary's relationship to you (for each beneficiary)
- Contact information for the beneficiary (in a branch)
- Government-issued photo ID (in a branch)
- Government-issued photo ID for every trustee who will sign the Account Card
- The full trust agreement or a Certificate of Trust
- The trust's tax identification number (the grantor's SSN for a grantor revocable trust, or the trust EIN)
- A copy of the full trust agreement or a Certificate of Trust
- Copies of government-issued ID for all trustees
- The trust's tax identification number (EIN or grantor SSN)
Required Documents
- Trust agreement or Certificate of Trust. By mail, send a copy
- Government-issued photo ID (for every trustee who will sign the Account Card). By mail, send copies of ID for all trustees
- Trust tax identification number. The trust EIN, or the grantor's SSN for a revocable grantor trust
- Trust account application, completed (by mail)
- Full legal name, date of birth, Social Security number, and relationship
- Contact information for the beneficiary
- Full legal name, date of birth, Social Security number, and relationship
Required Documents
- Beneficiary's full legal name (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's Social Security number (for each beneficiary)
- Beneficiary's relationship to you (for each beneficiary)
- Contact information for the beneficiary (in a branch)
- Government-issued photo ID (in a branch)
What MIDFLORIDA says about beneficiaries and trusts
Each section is MIDFLORIDA's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
A POD designation is available on checking, savings, money market accounts and certificates. It is not offered on Student Checking or Youth Savings.1
- IRA
A POD designation "shall not apply to Individual Retirement Accounts (IRAs)." An IRA is governed by a separate account agreement and carries its own beneficiary designation.2
How many beneficiaries, and how shares are split
- Payable-on-death account
Sums payable to more than one surviving POD beneficiary are "distributed equally to each beneficiary."2
Beneficiary forms MIDFLORIDA issues1
- POD beneficiary designation on the Account Card
For payable-on-death accounts. Completed by the account owner, in a branch or by phone. Sent by the institution on request.1
What MIDFLORIDA's agreement says about beneficiaries3
- Changing or revoking a designation
Any owner may change a beneficiary designation "upon written notice to us, on a form approved by us."2
- What the owner keeps while living
A POD account is payable to the owners during their lifetimes, and to the named living beneficiary only when the last account owner dies.1
- Who can see the designation
MIDFLORIDA is not obligated to notify a beneficiary that an account or a beneficiary interest exists.1
Which accounts a trust can hold2
- Trust account
Checking, savings, money market accounts and certificates can be titled in the name of a trust.1
The credit union opens accounts "pursuant to any court order, trust agreement, or similar authority" for a trust, and an individual account may be owned by a trust.2
- IRA
An IRA cannot be titled in the name of a trust.1
Trust account forms MIDFLORIDA issues1
- Trust account application
For trust accounts. Completed by the trustee. Sent by the institution on request.1
Return to
Mailing address: MIDFLORIDA Credit Union, P.O. Box 8008, Lakeland, FL 33802-8008
What MIDFLORIDA says about trust accounts2
Accounts handled elsewhere4
- Freedom Financial Group / Osaic Wealth
TOD registration on investment accounts, through your advisor1
- Southeast Trust Company (Ocala, Gainesville and The Villages)
Managed trusts with a corporate trustee, trust administration, investment management and estate settlement4
Phone: 1-352-291-5999
- Southeast Trust Company (Lakeland)
Managed trusts with a corporate trustee, trust administration, investment management and estate settlement4
Phone: 1-863-904-4914
- Southeast Trust Company (Naples)
Managed trusts with a corporate trustee, trust administration, investment management and estate settlement4
Phone: 1-239-384-6141
Not in MIDFLORIDA's published guidance2
- A beneficiary form to download
- A trust account form to download
Sources
Data sourced from MIDFLORIDA primary sources (20 pages reviewed). How we research.
Download these MIDFLORIDA instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against MIDFLORIDA primary sources. Bring it to the branch or keep it beside the phone.
MIDFLORIDA estate support
Southeast Trust Company, LLC (trust administration and estate settlement; wholly owned by MIDFLORIDA)
Phone
Lakeland office
Naples office
Gainesville office
The Villages office
Mailing address
Website
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