Estate planning at Northrim Bank
How to protect 17 Northrim Bank accounts — manage beneficiaries in-branch, fund a trust in-branch, and file claims through Northrim Bank's Northrim Investment Services (investment adviser representatives of Elliott Cove Capital Management; Northrim Bank itself has no trust department)
Northrim Bank Customer Service
Northrim Bank, P.O. Box 241489, Anchorage, AK 99524
Northrim Investment Services (investment adviser representatives of Elliott Cove Capital Management; Northrim Bank itself has no trust department)
Northrim Bank Customer Service (Northrim publishes no dedicated estate or death-claim department; estate claims are handled by branch staff and the Anchorage call center)
Northrim Bank, P.O. Box 241489, Anchorage, AK 99524
Northrim Bank has 17 accounts, each with different rules for what happens when the account holder dies. Of those, 14 can name a trust as beneficiary or be retitled into a trust. The right combination of beneficiary designations and trust ownership can keep the entire portfolio out of probate.
Beneficiary designations at Northrim Bank can be managed in branch, by mail, and by phone, typically taking 15-30 minutes in a branch; longer by phone or mail, since Northrim must mail the paperwork out and receive a signed copy back. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.
Northrim Bank has documented procedures for both preparing accounts during your lifetime and handling claims when an account holder passes away.
Preparing your estate
Beneficiaries and trust funding
How to update beneficiaries in-branch, fund a trust in-branch, and review 17 account types at Northrim Bank.
View details →When someone dies
Death claim process
Contact Northrim Bank's Northrim Investment Services (investment adviser representatives of Elliott Cove Capital Management; Northrim Bank itself has no trust department) to file a claim. 8-step process, 7 required documents, and contact information for survivors.
View details →Reach Northrim Bank's Northrim Investment Services (investment adviser representatives of Elliott Cove Capital Management; Northrim Bank itself has no trust department) at 1-907-562-0062 for help with any of these procedures.
Because Northrim Bank serves a limited number of states, procedures for trust funding and beneficiary changes may differ depending on your location. Verify availability before starting.
Frequently asked questions
No. Northrim has no trust department and does not act as trustee, executor, or estate administrator. Its Personal Deposit Account Agreement says so directly: opening a fiduciary account does not make Northrim a trustee, and the bank takes on no duty to monitor the trust or inquire into a trustee's powers. Northrim will hold a trust's deposit accounts, and its bankers will retitle an account into your trust, but the fiduciary work stays with you, your successor trustee, or your attorney. Investment services under the Northrim Investment Services name are provided by Elliott Cove Capital Management, an SEC-registered adviser that is not affiliated with the bank, and Elliott Cove is an investment adviser, not a corporate trustee.
There is no form to download and no online path. Northrim does not publish a POD or beneficiary designation form, and beneficiaries cannot be added or changed through online banking. The designation lives on the bank's own account record, so it is made with a banker: visit a branch with photo ID, or call (907) 562-0062 or (800) 478-2265 and the representative will mail you the paperwork to sign and return. Bring each beneficiary's full legal name, date of birth, Social Security number, relationship, and the percentage split. An IRA uses a separate beneficiary designation with primary and contingent sections -- it is a different record from a deposit account POD, and updating one does not update the other.
Sources
Data sourced from Northrim Bank primary sources (22 pages reviewed). How we research.
Northrim Bank Customer Service
Northrim Bank, P.O. Box 241489, Anchorage, AK 99524
Northrim Investment Services (investment adviser representatives of Elliott Cove Capital Management; Northrim Bank itself has no trust department)
Northrim Bank Customer Service (Northrim publishes no dedicated estate or death-claim department; estate claims are handled by branch staff and the Anchorage call center)
Northrim Bank, P.O. Box 241489, Anchorage, AK 99524
Estate planning articles
Learn how to protect your Northrim Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
