How to name beneficiaries and fund a trust at PSECU

PSECU calls its payable-on-death structure a "Tentative Trust": a payable-on-death designation on a membership account. The Tentative Trust Application is the only form needed to open a Tentative Trust account.¹

Primary beneficiaries can be named, and optionally contingent beneficiaries. If percentages are given they must total 100%; if none are given, the beneficiaries in that tier share equally.^{2, 3, 4}

The form is signed in ink.^{2, 3, 4}

For payable-on-death accounts. Completed by the member, for an existing Tentative Trust account. Available to download.²

Return to

For payable-on-death accounts. Completed by a new member opening a Tentative Trust account. Available to download.³

Return to

For payable-on-death accounts. Completed by the member, to convert an existing PSECU account. Available to download.⁴

Return to

The owner stays in full control of the account and can apply for and receive loans. Designated beneficiaries have no transactional authority while the owner is alive.¹

A Tentative Trust is revocable, and beneficiaries can be designated or changed at any time, not only at account opening.¹

Beneficiaries listed on Form 2818 or 2819 replace all existing beneficiaries on the account.^{4, 2}

On the member's death the account passes first to any surviving joint owner. Only if no joint owner survives is it distributed to the primary beneficiaries, and to contingent beneficiaries only if no primary beneficiary survives.^{3, 4, 2}

A joint owner cannot be added with Form 2818 or 2819; any joint owner listed must already be on the account.^{4, 2}

For trust accounts. Available to download.⁵

Return to

A Living Trust account (Form 2114) is held by one or more trustees under a trust agreement. The Living Trust membership holds the required $5 Regular share and can add checking with a debit card.⁵

The settlor of the trust must be a PSECU member.^{1, 6}

The only eligibility box on Form 2114 is that the settlor of the trust is a current PSECU member.⁵

The trustee provides a copy of the full trust agreement on PSECU's request.^{1, 6}

The trustee notifies PSECU in writing of a change of trustee.^{1, 6}

Checks are printed with Trustee #1's name and address.⁵