How to name beneficiaries and fund a trust at Old National

Old National treats both an express "Payable on Death" designation of beneficiaries and an account opened as trustee for a named beneficiary without formal trust papers (a Totten trust) as POD accounts.¹

Two or more surviving beneficiaries own the account in equal shares unless otherwise indicated, without right of survivorship.¹

If two or more owners create a POD account, they own it jointly with right of survivorship unless they specify otherwise. The beneficiary becomes the owner after the last surviving owner dies.¹

A POD beneficiary cannot withdraw unless all account owners have died and the beneficiary is then living.¹

A beneficiary's right to the funds is subject to the bank's security interest and right of setoff.¹

A request to change account ownership or beneficiaries takes effect only once the bank has agreed to the change, received all documentation it requires, and had reasonable time to act on it.¹

A durable power of attorney lasts until the account owner's death or the agent's death. The bank may continue to honor the agent's transactions until it receives written notice of the owner's death and has had a reasonable opportunity to act.¹

As trustee you represent and warrant that you are a legally appointed and acting fiduciary with full power and authority and, for a trust, that the trust is a domestic United States trust. Old National has no duty to verify your powers.¹

The agreement says the bank has "no duty or obligation ... to receive copies of any statute, governing instrument, court order or other documentation".¹

Old National will not provide periodic statements or annual summaries to anyone other than the trustee, including anyone holding a beneficial interest in the account.¹

Trust and fiduciary services, including serving as sole trustee, co-trustee or successor trustee²