How to name beneficiaries and fund a trust at MSUFCU
Beneficiaries are managed in branch or by mail. Trust paperwork is taken in branch or by mail
There are two ways to keep your MSUFCU accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because MSUFCU 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.
Across 18 product types, MSUFCU accounts vary in how they transfer at death. The sections below walk through Payable on Death (POD) designations, trust funding options, and which products support each method.
- Full name, address, date of birth, and Social Security number
- Relationship to the account owner and percentage allocation
- Whether the person is a primary Beneficiary or a Contingent Beneficiary
- Full base account number and member name
- For each of up to six people: first and last name, address, relationship, birth date, Social Security number, percentage, and the Beneficiary or Contingent Beneficiary box
Required Documents
- Beneficiary's first and last name
- Beneficiary's address
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's Social Security or tax identification number (for an IRA or HSA designation)
- Relationship to the account owner and percentage allocation
- Whether each person is a Beneficiary or Contingent Beneficiary
- Full base account number and member name
- Government-issued photo ID (at a branch)
- A notarized Certificate of Trust defining banking powers, confirming trustees may act independently, and listing all trust beneficiaries
- Government-issued photo ID for every trustee
- The trust EIN or the grantor's Social Security number
- Proof that the grantors (or, for an irrevocable trust, the beneficiaries) already hold primary MSUFCU memberships
- The notarized Certificate of Trust
- The completed Trust Account Application, signed by every trustee
- Trust EIN or grantor Social Security number
- The $5 opening deposit for the trust's Spartan Saver share
Required Documents
- Certificate of Trust, notarized. It must define banking powers, state that all trustees may act independently, and list all trust beneficiaries. MSUFCU publishes its own form
- Trust Account Application (form 713), completed. Signed by every trustee named in the trust agreement
- Government-issued photo ID (for every trustee)
- Trust Employer Identification Number (EIN). Or the grantor's Social Security number for a revocable trust
- Court order or Register's Statement that a will is or has been probated (for a testamentary trust)
- Proof of primary MSUFCU membership (for every grantor or settlor; for an irrevocable trust, every grantor or settlor or every trust beneficiary)
- Excerpts from the trust instrument and later amendments (if MSUFCU asks; it may require them at any time). The excerpts designating the trustees and conferring the power to act
- New Certificate of Trust carrying an EIN (if a revocable trust becomes irrevocable for any reason, most often the grantor's death). For an irrevocable trust, the new certificate must be prepared by a licensed attorney
- New Trust Account Application (if the trust becomes irrevocable, on the death of any trustee, or when a trustee is added or removed). On a trustee change MSUFCU may also ask for a fresh Certificate of Trust
- Full name, address, date of birth, and Social Security number
- Relationship to the account owner and percentage allocation
- Whether the person is a primary Beneficiary or a Contingent Beneficiary
- Full base account number and member name
- For each of up to six people: first and last name, address, relationship, birth date, Social Security number, percentage, and the Beneficiary or Contingent Beneficiary box
Required Documents
- Beneficiary's first and last name
- Beneficiary's address
- Beneficiary's date of birth
- Beneficiary's Social Security number
- Beneficiary's Social Security or tax identification number (for an IRA or HSA designation)
- Relationship to the account owner and percentage allocation
- Whether each person is a Beneficiary or Contingent Beneficiary
- Full base account number and member name
- Government-issued photo ID (at a branch)
What MSUFCU says about beneficiaries and trusts
Each section is MSUFCU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary7
- Payable-on-death account
A POD designation applies to deposit accounts only.1
One form covers one base account number and all of its sub-accounts. Beneficiaries do not carry across to a different base account.2
- Fiduciary account
Conservator accounts and estate accounts are excluded from POD designation.1
- Representative payee account
Representative payee accounts are excluded from POD designation.1
- Trust account
Trust accounts are excluded from POD designation.1
- IRA
An IRA is excluded from POD designation, so a deposit-account form does nothing for it. Its beneficiary is designated on its own form.1
- Health savings account
An HSA is excluded from POD designation, so a deposit-account form does nothing for it. Its beneficiary is designated on its own form.1
- Coverdell education savings account
A Coverdell ESA is excluded from POD designation, so a deposit-account form does nothing for it. Its beneficiary is designated on its own form.1
Who can be named2
How many beneficiaries, and how shares are split
- All accounts
Up to six people can be named on one form, each marked as a beneficiary or contingent beneficiary with a percentage.2
Percentages that do not total 100%, or no percentages at all, do not void the designation. MSUFCU divides the funds equally among the beneficiaries who survive the last surviving owner.2
What a designation takes to be effective
- All accounts
MSUFCU acts on a designation only if every account owner age 18 or older signed it: at opening, when a beneficiary is added or changed, and again when a joint owner is added. Otherwise the funds go to the last surviving owner's estate.2
If the owner lives in a community property state or has opted into a community property system and names someone other than the spouse, the form warns that the designation may later be treated as invalid.2
- IRA
An IRA beneficiary designation must be in writing and complete, including the beneficiary's Social Security or tax identification number, before MSUFCU will accept it.3
- Health savings account
An HSA beneficiary designation must be in writing and complete, including the beneficiary's Social Security or tax identification number, before MSUFCU will accept it.3
Beneficiary forms MSUFCU issues1
- Beneficiary Designation Form (form 712)
Completed by every account owner age 18 or older signs. Available to download.2
Return to
Fax: 1-517-664-7347
Mailing address: Michigan State University Federal Credit Union, P.O. Box 1208, East Lansing, MI 48826
What MSUFCU's agreement says about beneficiaries8
- A beneficiary who dies first
If a named beneficiary dies first, that share is divided equally among the surviving beneficiaries.2
- No beneficiary survives
Only when no primary beneficiary is living does the money move to the contingent beneficiaries. If no contingent beneficiary is living either, it goes to the last surviving owner's estate.2
- Joint accounts
Joint owners do not need to be listed as beneficiaries. Survivorship already gives them the funds ahead of any beneficiary.2
Adding a joint owner to an account that already has beneficiaries requires re-signing, or the designation lapses.2
- When a designation takes effect
A designation is effective on the date MSUFCU receives the form.2
- Changing or revoking a designation
Signing a new form revokes and replaces every prior Beneficiary Designation Form for that base account.2
- Indemnity the owner or a trustee gives
Signing the form releases MSUFCU from claims arising out of distributing under it.2
- Who can see the designation
MSUFCU is not required to tell a beneficiary they were named unless the law requires it.2
- Claims against the account
Beneficiaries are paid only out of the funds left after MSUFCU enforces every setoff, security interest and pledge. MSUFCU has no duty to distribute anything before those are satisfied in full.2
Which accounts a trust can hold5
- IRA
An IRA cannot be retitled to a trust.4
- Health savings account
An HSA cannot be retitled to a trust.4
- Coverdell education savings account
A Coverdell ESA cannot be retitled to a trust.4
- Trust account
MSUFCU does not accept charitable, business or investment trust accounts, or any trust that names a financial institution as trustee.4
- Loan
Trust lending is limited to real-estate-secured loans on property titled in the trust, with no real-estate loans at all to irrevocable trusts.4
Trust account forms MSUFCU issues2
- Trust Account Application (form 713)
Completed by every trustee. Available to download.4
Return to
Mailing address: MSU Federal Credit Union, 3777 West Road / P.O. Box 1208, East Lansing, MI 48826-1208
- Certificate of Trust
Available to download. Must be notarized.5
What MSUFCU says about trust accounts2
- Membership
Every grantor or settlor of a revocable trust must already hold a primary MSUFCU membership. For an irrevocable trust, every grantor or settlor, or else every trust beneficiary, must.4
Membership is open to the MSU community, select employee groups, State of Michigan employees, and anyone who lives, works, worships, goes to school or owns a business in Michigan. A successor trustee or grantor outside it can qualify as a donor member with a donation of at least $10 to the Desk Drawer Foundation.4
- Who signs for the trust
Every trustee named in the trust agreement must be on the account. The application is signed by the trustees, not the grantor.4
Accounts handled elsewhere1
- Members Trust Company
Ongoing trust administration, serving as trustee or co-trustee, and estate settlement6
Phone: 1-517-333-2424 ext. 7280
Sources6
Sources
Data sourced from MSUFCU primary sources (16 pages reviewed). How we research.
Download these MSUFCU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against MSUFCU primary sources. Bring it to the branch or keep it beside the phone.
MSUFCU estate support
Members Trust Company (trust administration and estate settlement)
Hours
Mailing address
Website
Estate planning articles
Learn how to protect your MSUFCU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: a will, living trust, pour-over will, both powers of attorney, living will, and TOD deed.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Transfer on Death Deed
Transfer real property to a beneficiary upon your death without probate. Available in 34 states and the District of Columbia.
Tools for Planning Your Estate
Free tools for planning your estate: what a will or trust costs, whether you need a trust or TOD deed, and how documents are signed.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
How Much Life Insurance Do I Need?
Calculate your life insurance needs based on income, debts, and family situation.
