How to name beneficiaries and fund a trust at Popular Bank
Beneficiaries are managed online, in branch or by phone. Trust paperwork is taken in branch
Estate planning for your Popular Bank accounts starts with understanding how each one transfers at death. Beneficiary designations and trust retitling both bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Popular Bank has 13 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.
- For an individual beneficiary: the last four digits of your account number, and the beneficiary's full name, physical address, date of birth, relationship to you, and full SSN or tax ID
- For a trust: the last four digits of your account number and the full name of the trust as listed in the trust agreement
Required Documents
- Last four digits of your account number (for a Popular Direct secure message)
- Beneficiary's full name and physical address (for an individual beneficiary on a Popular Direct account)
- Beneficiary's date of birth and relationship to you (for an individual beneficiary on a Popular Direct account)
- Beneficiary's full SSN or tax ID (for an individual beneficiary on a Popular Direct account)
- Full name of the trust as listed in the trust agreement (for a trust named on a Popular Direct account)
- Valid state or federal photo ID
- A certified Taxpayer Identification Number for the account owner
- Trust documentation the bank requests: an affidavit, certification, or copies or excerpts of the trust agreement
Required Documents
- Valid state or federal photo ID
- Certified Taxpayer Identification Number for the account owner
- Affidavit, certification, or copies or excerpts of the trust agreement (on request). Any of these is accepted: an affidavit, a certification, or copies or excerpts of the trust agreement
Beneficiary designation is not available for investment accounts at Popular Bank.
Beneficiary designation is not available for retirement accounts at Popular Bank.
What Popular Bank says about beneficiaries and trusts
Each section is Popular Bank's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Payable-on-death account
At Popular Bank branches, an account that names a beneficiary is treated as an informal trust account. When the signer dies, the funds belong to the beneficiary.1
Who can be named2
How many beneficiaries, and how shares are split
- All accounts
On a Popular Direct account, up to three individuals or one trust may be named. Funds are split equally among beneficiaries unless a letter of instruction states a different distribution.2
- Payable-on-death account
You may name separate beneficiaries for each account opened under a Signature Card, and multiple beneficiaries for each account.1
What Popular Bank's agreement says about beneficiaries1
- What the owner keeps while living
Popular Direct beneficiaries have no access to the funds until all account holders have died.2
Which accounts a trust can hold1
- Trust account
Popular Direct accounts have no trust ownership type.2
Accounts handled elsewhere1
- Popular Trust Services, through National Advisors Trust Company
Trust and custodial services, with trust administration in all 50 states, reached through Popular Private Client4, 5
Phone: 1-888-588-8419
Not in Popular Bank's published guidance1
- Branch-account beneficiary procedure
Sources
Data sourced from Popular Bank primary sources (20 pages reviewed). How we research.
Download these Popular Bank instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Popular Bank primary sources. Bring it to the branch or keep it beside the phone.
Popular Bank estate support
Popular Private Client (Popular Trust Services)
Phone
Popular Private Client Headquarters
Popular Private Client Madison Avenue
Popular Private Client Columbus Avenue
Popular Private Client Brickell Avenue
Popular Private Client Aventura
Hours
Website
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