How to designate beneficiaries at Northeast Bank

The owner sets a percentage for each primary and each contingent beneficiary. With no percentages, or a class that adds up to more than 100, that class shares equally, and any shortfall under 100 is split equally within the class.^{1, 2}

The application asks a married owner who names a primary beneficiary other than the spouse to have the spouse sign its consent, and an unmarried owner who later marries to file a new designation with that consent. A witness signs only where required and cannot be a beneficiary.^{1, 2}

For IRAs. Completed by the IRA owner. Available to download.¹

For IRAs. Completed by the IRA owner. Available to download.³

For health savings accounts. Completed by the HSA owner. Available to download.²

If a beneficiary dies before the owner, that share is spread pro rata among the remaining beneficiaries in the same primary or contingent class. Contingent beneficiaries take only if every primary beneficiary has died.^{1, 2}

Where no beneficiary is named or none outlives the owner, the IRA or HSA is paid to the owner's estate.^{1, 3, 2}

Each new designation replaces every earlier designation on the same IRA or HSA.^{1, 2}

An ableBanking account is held by one person or jointly, and opening it jointly always creates survivorship between the owners. ableBanking accounts are for personal, family or household use only.⁴