How to name beneficiaries and fund a trust at Provident
Covers 10 deposit, 1 retirement, and 5 lending accounts — beneficiaries must be updated in-branch
Customer Care Center
Provident Bank, P.O. Box 1001, Iselin, NJ 08830-1001
Beacon Trust (Wealth Management & Trust Services)
Beacon Trust, 163 Madison Avenue, Suite 600, Morristown, NJ 07960
Customer Care Center (no dedicated estate line; death notification runs through Customer Care or any branch)
Provident Bank, P.O. Box 1001, Iselin, NJ 08830-1001
There are two ways to keep your Provident accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
Provident has 16 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 will require probate if nothing is set up. Each is covered below.
- Full legal name and identifying information
- If naming multiple beneficiaries, specify percentage allocation
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Provident's account terms warn that the state where the account is domiciled (or where the owner lives) may require specific words in the ACCOUNT TITLE to create a valid POD account -- for example "payable on death" or "POD" -- and that "You are solely responsible for meeting these requirements." If the requirements are not met, Provident says it may be required to treat the account as though there is no POD beneficiary. Confirm with the banker that the title itself, not just an internal note, carries the POD wording
- A POD beneficiary acquires no interest in the account until after the death of the account owner or the last surviving joint owner, and only if that beneficiary is then alive. Provident does not pay a predeceased POD beneficiary's share to their heirs -- name contingent beneficiaries or use a trust if that matters
- During the owner's lifetime the POD account belongs to the owner, who may close it, add or remove POD beneficiaries, change the account type or ownership, and withdraw the funds
- Provident reserves the right to require you to CLOSE the account in order to remove a joint owner, terminate a joint ownership, switch the account type, or change a POD or trust designation. Budget for a possible close-and-reopen (new account number, re-pointing direct deposits and autopay) rather than a simple edit
- At death, Provident may charge the account for any amount the deceased owner, a joint owner, or a POD beneficiary owes the bank before paying the POD beneficiary
- Named POD beneficiaries pass outside your will
- On a joint account, funds pass to the surviving joint owner(s), but Provident's terms note that applicable state law may require additional acts or documents before funds are released -- in New Jersey this is the inheritance tax waiver
Sources
Data sourced from Provident primary sources (29 pages reviewed). How we research.
Download these Provident instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Provident primary sources. Bring it to the branch or keep it beside the phone.
Customer Care Center
Provident Bank, P.O. Box 1001, Iselin, NJ 08830-1001
Beacon Trust (Wealth Management & Trust Services)
Beacon Trust, 163 Madison Avenue, Suite 600, Morristown, NJ 07960
Customer Care Center (no dedicated estate line; death notification runs through Customer Care or any branch)
Provident Bank, P.O. Box 1001, Iselin, NJ 08830-1001
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