How to name beneficiaries and fund a trust at Patelco CU
Beneficiaries are managed online, in branch or by mail. Trust paperwork is taken in branch
Estate planning at Patelco CU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Patelco CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Without one of these in place, accounts may require probate before your family can access the funds.
Patelco CU has 15 product types, and the estate transfer rules differ across them. Some support Payable on Death (POD) designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Beneficiary form at Patelco CU
Designation of Beneficiary (for payable-on-death accounts), HSA Beneficiary Designation (new HSA) (for health savings accounts) and HSA Beneficiary Designation (existing HSA) (for health savings accounts).
Open the form →Required Documents
- Beneficiary's name, full address and phone
- Beneficiary's Social Security number
- Beneficiary's date of birth
- Beneficiary's ID number (if applicable)
- Beneficiary's relationship to you
- Percentage share for each beneficiary
- Designation of Beneficiary form, signed (for a Pay-on-Death beneficiary). The member signs the form, and a joint owner signs on the joint owner line. A blank field delays processing
- HSA Beneficiary Designation form, completed (for an HSA)
Required Documents
- Beneficiary's name, full address and phone
- Beneficiary's Social Security number
- Beneficiary's date of birth
- Beneficiary's ID number (if applicable)
- Beneficiary's relationship to you
- Percentage share for each beneficiary
- Designation of Beneficiary form, signed (for a Pay-on-Death beneficiary). The member signs the form, and a joint owner signs on the joint owner line. A blank field delays processing
- HSA Beneficiary Designation form, completed (for an HSA)
What Patelco CU says about beneficiaries and trusts
Each section is Patelco CU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary6
- Payable-on-death account
The Designation of Beneficiary form names Pay-on-Death beneficiaries. It can apply to the entire account relationship, excluding IRA accounts, or only to the account suffixes listed.1
New share accounts carry the joint owners and POD beneficiaries the member designates.2
- IRA
The Designation of Beneficiary form cannot be used for IRAs.1
- Health savings account
An HSA uses a separate HSA Beneficiary Designation form, not the Designation of Beneficiary form.3
- Trust account
The Designation of Beneficiary form cannot be used for trust accounts.1
- Custodial account (UTMA/UGMA)
POD beneficiaries are not allowed on UTMA accounts.2
- Fiduciary account
POD beneficiaries are not allowed on fiduciary accounts, such as living trust or estate accounts.2
How many beneficiaries, and how shares are split
- All accounts
With more than one POD beneficiary, Patelco pays account proceeds in equal shares unless the member specifies otherwise in writing on the membership application or another authenticated written instruction.2
The Designation of Beneficiary form takes a percentage share for each Pay-on-Death beneficiary.1
What a designation takes to be effective
- All accounts
The member signs the Designation of Beneficiary form, and a joint owner signs on the joint owner line.1
Beneficiary forms Patelco CU issues3
- Designation of Beneficiary
For payable-on-death accounts. Completed by the member, with a joint owner signing on the joint owner line. Available to download.1
Return to
Mailing address: Patelco Credit Union, PO Box 2227, Merced, CA 95344
- HSA Beneficiary Designation (new HSA)
For health savings accounts. Available to download.3
Return to
Mailing address: 3 Park Place, Dublin, CA 94568
- HSA Beneficiary Designation (existing HSA)
For health savings accounts. Available to download.3
Return to
Mailing address: PO Box 2227, Merced, CA 95344
What Patelco CU's agreement says about beneficiaries3
- Changing or revoking a designation
Each new Designation of Beneficiary form supersedes any previously completed beneficiary form.1
Patelco keeps and follows only the member's most recent authorization and treats any omission from it as intentional. If an earlier form named a POD beneficiary and the current form names none, Patelco assumes the share accounts pass to the estate.2
- Claims against the account
A spouse's or domestic partner's community property interest in the account, if asserted at the owner's death, reduces the amount that transfers to a non-spouse POD beneficiary.2
- A designation and a will
Patelco's Specialized Accounts Specialist explains that an account never given the trust title is handled as a non-trust account at the owner's death, and POD beneficiaries named on it receive the funds even if the trust says otherwise.4
Which accounts a trust can hold1
- Fiduciary account
Patelco treats a living trust account as a fiduciary account.2
What Patelco CU says about trust accounts1
- Who signs for the trust
Joint owners are not allowed on fiduciary accounts, although co-fiduciaries may both sign on the account.2
Sources
Data sourced from Patelco CU primary sources (20 pages reviewed). How we research.
Download these Patelco CU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Patelco CU primary sources. Bring it to the branch or keep it beside the phone.
Patelco CU estate support
Phone
Hours
Mailing address
Website
Estate requests go through general customer service.
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