Estate planning options at Peoples Bank (OH)

Peoples Bank's terms treat a revocable trust account and a pay-on-death account alike. When two or more people open one, they own it jointly with survivorship, and the beneficiaries can withdraw only after every owner has died.¹

Two or more beneficiaries who outlive every owner share the account equally, and a beneficiary's share does not pass to the other beneficiaries by survivorship.¹

A beneficiary takes only if living when the last owner dies.¹

While living, the owners can change the beneficiaries, change the account type and withdraw any part of the money at any time.¹

Peoples Bank may refuse some kinds of account ownership and beneficiary designations, and it makes no representation about their effect beyond deciding whom it pays.¹

The account rules follow the state where the account is held, and a provision marked for one state applies only to accounts held at a branch in that state.¹

An authorized signer can make transactions for the owner but takes no ownership, and the signer's authority ends when the owner, or the last surviving owner, dies.¹

For an account held at a District of Columbia branch, a one-owner account with a pay-on-death designation passes to the beneficiaries at the owner's death and is not part of the estate. On a joint survivorship account with the designation, the surviving beneficiaries take it when the last owner dies.¹

For an account held at a District of Columbia branch, an agent on the account has no ownership or rights at the owner's death unless the agent is also named as a pay-on-death beneficiary.¹

A trustee named in a written trust agreement may open and keep an account at Peoples Bank. The bank does not act as trustee and takes on no duty to watch over or enforce the trust's terms.¹

Trusts where Peoples Bank serves as trustee or co-trustee²