How to name beneficiaries and fund a trust at Optum Bank
Covers 7 deposit accounts — beneficiaries can be managed online
Customer Service
Optum Bank, P.O. Box 271629, Salt Lake City, UT 84127-1629
Customer Service
Optum Bank, P.O. Box 271629, Salt Lake City, UT 84127-1629
Death Claims / Beneficiary Distributions
Optum Financial, P.O. Box 85960, 6300 Wayne Road, Westland, MI 48185 (HSA Death Distribution Request Form and required documents)
Preparing your Optum Bank accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.
The transfer rules at Optum Bank vary across 7 accounts. Below is a breakdown of beneficiary options, trust funding, and which products support each method.
- Sign in to your account at https://www.optumbank.com
- Select the arrow next to your account name and choose Settings & preferences
- Select Beneficiaries
- Select Add primary beneficiaries and follow the prompts
- Provide the beneficiary's full legal name, date of birth, and Social Security number
- Designate the beneficiary as primary or contingent and assign allocation percentages
- Review the information and select Submit
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- If no beneficiary is designated, HSA funds default to your legal surviving spouse, then to your estate
- A trust, charity, or organization can be named as an HSA beneficiary
- If a spouse is named as beneficiary, the HSA transfers to the spouse as their own HSA (tax-free)
- If a non-spouse is named as beneficiary, the fair market value is taxable income to the beneficiary in the year of death (IRC 223(f)(8)(B))
- If the estate is the beneficiary, the fair market value is included on the decedent's final tax return
- Missing or incorrect information can delay processing or prevent timely distribution
- Beneficiary designations on the HSA override any conflicting instructions in a will
- Primary beneficiary allocations must total 100%; contingent beneficiary allocations must also total 100%
Sources
Data sourced from Optum Bank primary sources (11 pages reviewed). How we research.
Download these Optum Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Optum Bank primary sources. Bring it to the branch or keep it beside the phone.
Customer Service
Optum Bank, P.O. Box 271629, Salt Lake City, UT 84127-1629
Customer Service
Optum Bank, P.O. Box 271629, Salt Lake City, UT 84127-1629
Death Claims / Beneficiary Distributions
Optum Financial, P.O. Box 85960, 6300 Wayne Road, Westland, MI 48185 (HSA Death Distribution Request Form and required documents)
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