How to name beneficiaries and fund a trust at Redwood CU

POD payees on deposit accounts are named on the Membership Application, not on a separate POD form.¹

Every account other than an IRA or HSA under one Member number has the same ownership and POD combination. Different POD payees for different accounts take a separate Membership Application and a new Member number.¹

A POD beneficiary cannot be named on a UTMA account.¹

A POD beneficiary cannot be named on a fiduciary account.¹

If no beneficiary is named on the IRA Beneficiary Designation form, the form names the owner’s estate as beneficiary.²

For IRAs. Available to download.²

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For health savings accounts. Available to download.³

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For coverdell education savings accounts. Available to download.⁴

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A change to POD payees on a deposit account is made in writing on a new Membership Application.¹

RCU follows only the most recent Membership Application. If a newer application omits a POD designation, RCU treats the account as passing to the Member’s estate.¹

On a joint account, ownership passes to the surviving Member Account Holders, subject to the reclamation rights of the Social Security Administration, and then to the POD payees when all holders have died.¹

RCU can set up regular savings, money market, certificate and checking accounts for family trusts. These accounts are subject to separate written agreements and disclosures.¹

Revocable living trust accounts are available to RCU Members ages 18 and over.⁸

RCU branch notaries serve RCU Members only. RCU documents are notarized free, and other documents cost $15.00 per signature.^{9, 10}