Estate planning options at New Mexico Bank & Trust

UMB's Deposit Account Agreement allows a consumer account held individually to carry a payable-on-death direction: "We may accept and execute payable-on-death designations on individual accounts and joint accounts in accordance with applicable law."¹

A consumer account held as a joint account with right of survivorship can carry a payable-on-death direction, as an individual account can.¹

Under UMB's Deposit Account Agreement, a person identified as a beneficiary in a payable-on-death direction "is not, by virtue of that direction, an owner of the account."¹

UMB's Deposit Account Agreement lists "trustee for the benefit of another party" among the ways a consumer account may be held.¹

The agreement defines a "fiduciary account" as one whose owner is a natural person acting as a trustee, conservator, guardian, executor, administrator, custodian or agent.¹

On a UMB fiduciary account, "to the maximum extent permitted by applicable law, each fiduciary authorizes each other fiduciary to draw items, make withdrawals or otherwise act on the account individually."¹

The agreement makes the fiduciary "solely responsible for acting in accordance with applicable law and the terms of any applicable court order, trust or other document establishing and covering the fiduciary relationship." UMB is "not responsible for ensuring the account owner's compliance" with the trust.¹

Trust services, including appointment as trustee, and estate planning and trust management^{2, 3}