Estate planning options at OnPoint Community CU
There are two ways to keep your OnPoint Community CU accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because OnPoint Community CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Both methods ensure your accounts transfer directly to the people you choose, without court involvement.
OnPoint Community CU has 14 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
No beneficiary form at OnPoint Community CU
Required Documents
- Signed account application (for a change to an account). The change must be accepted by OnPoint
- New signature card or application (if OnPoint requires one before an ownership change takes effect)
Required Documents
- Signed trust account application. By signing, the trustee warrants that the trust is valid and that the trustor is eligible for OnPoint membership
- Certification of trust or other evidence of the trustee's authority (as OnPoint requests). OnPoint names a certification of trust or other evidence of trustee authority it requests
- Written notice to OnPoint (when a trustee changes)
Required Documents
- Signed account application (for a change to an account). The change must be accepted by OnPoint
- New signature card or application (if OnPoint requires one before an ownership change takes effect)
What OnPoint Community CU says about beneficiaries and trusts
Each section is OnPoint Community CU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- IRA
A POD designation does not apply to an IRA, which uses a separate beneficiary designation.1
- Health savings account
A POD designation does not apply to an HSA, which uses a separate beneficiary designation.1
- Trust account
The POD paragraph does not apply to an account held on behalf of or in the name of a trust.1
How many beneficiaries, and how shares are split
- Payable-on-death account
An account payable to more than one POD payee is owned jointly and equally by the payees, with rights of survivorship between them, unless the designation says otherwise.1
What a designation takes to be effective
What OnPoint Community CU's agreement says about beneficiaries3
- A beneficiary who dies first
A POD account is payable to the owner or owners during their lifetimes and, when the last account owner dies, to any named and surviving POD payee.1
- Whether beneficiaries are told they are named
OnPoint is not obligated to tell a POD payee about the account or the payee's interest in it, except as the law requires.1
- Claims against the account
A transfer of a deceased owner's interest, including to a POD payee, is subject to OnPoint's statutory lien and setoff rights and any security interest the owner granted.1
Which accounts a trust can hold1
- Trust account
OnPoint offers accounts for formal trusts: the account is held by one or more trustees of a trust for the benefit of one or more beneficiaries under a written trust agreement.1
What OnPoint Community CU says about trust accounts6
- Membership
By signing the application, the trustee warrants that a valid formal trust exists and that the trustor is eligible for OnPoint membership.1
- Review of the trust document
OnPoint does not act as trustee and has no obligation to inquire into a trustee's powers. It may withhold payment to any party until proper evidence of authority is provided.1
- Who signs for the trust
OnPoint may rely on the directions of any one trustee until it receives written notice that the trust has been revoked, and may release funds to any one trustee acting alone or with a co-trustee.1
- Successor trustees
The trustee agrees to notify OnPoint in writing if a trustee changes.1
- The institution's right to refuse a designation or an account title
OnPoint may refuse trust, will or court-ordered account instructions it believes could expose it to claims, or require a bond or other protection first.1
- Certificates moved into a trust
The certificate early-withdrawal penalty exceptions OnPoint lists are the death or legal incompetence of an owner and the IRA exceptions.1
Not in OnPoint Community CU's published guidance3
- A beneficiary designation form
- A POD procedure
- Penalty treatment of a certificate moved into a trust
Sources1
Sources
(1)·
Data sourced from OnPoint Community CU primary sources (10 pages reviewed). How we research.
Download these OnPoint Community CU instructions
A printable PDF with the steps, required documents, and contact details, verified against OnPoint Community CU primary sources. Bring it to the branch or keep it beside the phone.
OnPoint Community CU estate support
OnPoint Contact Center
Phone
Toll-free
Fax
Hours
Mailing address
Website
Estate requests go through general customer service.
Estate planning articles
Learn how to protect your OnPoint Community CU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
