How to name beneficiaries and fund a trust at New England FCU

Beneficiary designations in EastRise's deposit records do not apply to any retirement account, which has its own beneficiary designation.¹

A beneficiary cannot be added to a business account unless the business is a sole proprietorship.²

An organization can be named as a beneficiary, with its name, phone, Tax ID, contact name and address.²

If two or more beneficiaries survive the death of all owners, the balance is divided equally between them. More than two beneficiaries can be designated on additional pages, each signed and dated.^{2, 1}

Every owner of the account must sign the form to designate an ITF, Totten Trust beneficiary.²

A separate form is required for each account where account ownership differs.²

For payable-on-death accounts. Completed by every owner of the account. Available to download.^{2, 3}

The most recent ITF, Totten Trust beneficiary designation supersedes all earlier designations. The form has a checkbox to remove all current beneficiaries and add none.²

If the sole beneficiary dies before the owner, the funds go to the owner's estate. If a beneficiary dies after the owner but before receiving the funds, the beneficiary's estate may claim them.¹

The Member Service Agreement states: "If permitted by applicable state law, you irrevocably waive your rights to make testamentary dispositions from any account." Its ownership and survivorship features, including beneficiary designations, "control and supersede any inconsistent testamentary disposition."¹

Under bylaws Article III, Section 6, shares may be issued in a revocable trust only if the settlor is a member of the credit union in their own right, and in an irrevocable trust only if the settlor or the beneficiary is a member. The name of the beneficiary must be stated in the trust.⁵

Membership requires eligibility under the field of membership and a $5 deposit.⁶

Each owner on a multiple owner account must be a member.⁷

EastRise may keep a copy of the trust documentation for initial due diligence and thereafter may rely exclusively on the Member Service Agreement.¹

It is the trustee's responsibility, not EastRise's, to administer the account according to the trust. EastRise is "only providing you with accounts, products and services and are not assisting you with or advising you about the trust."¹

For IRS reporting, the name appearing first on a form or in EastRise's records generally must match the SSN or EIN certified for the trust. On request EastRise may be able to write the full name of the trust on a form or in its records.¹

All grantors, trustees, successor trustees and beneficiaries of a trust account are bound to indemnify and hold EastRise harmless. EastRise may require any of them to sign an indemnification and hold-harmless agreement.¹

EastRise can note a successor trustee in its records. A successor trustee has no rights to the account until delivering proof satisfactory to EastRise of succession and authority.¹