Estate planning options at Redstone FCU

A POD designation does not apply to an IRA, which is governed by a separate IRA beneficiary designation.¹

Multiple POD beneficiaries share the funds equally and own their shares without right of survivorship among them.¹

For payable-on-death accounts. Sent by the institution on request.¹

A change is not effective until the completed form is delivered to and accepted by the credit union, and Redstone may rely solely on the documentation in its possession.¹

On the primary owner's death a POD account is payable first to Redstone for any matured or unmatured debts the owner owed it, and then to the POD payees.¹

If a POD beneficiary dies first, the owner must notify Redstone and change the account.¹

Informing a person that they are a POD beneficiary is the owner's responsibility, not Redstone's.¹

If the primary owner of a joint account with a POD designation dies and joint owners remain, a surviving joint owner must close the account and the POD designation is void.¹

The joint owners then open a new account under a new number and may name new POD payees.¹

The Membership Agreement names three trust-titled products: Share Draft Checking Trust Fund ($1 to open, non-dividend), Share Savings Trust Fund ($1 to open, $500 minimum daily balance to earn dividends) and Money Market Share Account for Trusts ($1 to open, $2,000 to earn dividends).¹

Funds in the Share Savings Trust Fund and Share Draft Checking Trust Fund may not be pledged for a loan.¹

The Starter and No-Penalty Share Certificates are not available for trust accounts.^{2, 3}

For trust accounts. Sent by the institution on request.¹

Each trustor must be a Redstone member, and no named trustor or trustee may have caused the credit union a loss.¹

Under the bylaws the settlor of a revocable trust must be a member in his or her own right.⁴

Redstone opens trust accounts at its option.¹

A different form of ownership is established by executing a new application for services, and a new account number may be assigned.¹

If a successor trustee is not eligible for membership, such as a corporate trustee, the trust account will be closed.¹

Redstone is not required to know, understand, interpret or enforce the terms of the trust, and does not keep the trust instrument in its files.¹

Redstone may require any trustee or beneficiary to sign further documents or supply more information at its sole discretion.¹

Payment to, or at the direction of, any one trustee or successor trustee discharges the credit union.¹

Redstone may recover attorney fees where its interest is adverse to the trust, trustee, trustor or a beneficiary.¹

Investment accounts⁵