Preparing your Santander accounts for estate transfer involves two primary strategies: designating beneficiaries on individual accounts and, where supported, retitling accounts into a revocable living trust. Both approaches bypass probate, but they work differently depending on the account type.

With 15 product types, Santander offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.

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1Visit a local Santander branch with valid government-issued ID

2Request to add a POD (Payable on Death) beneficiary designation or set up an informal trust account (ITF - In Trust For)

3Provide beneficiary details: legal name, street address, and date of birth (for natural persons)

4For trusts as beneficiary: provide trust name, address, and EIN

5Complete and sign the beneficiary designation form

6Receive confirmation of the beneficiary designation on your account

Required Documents

Trust name, date established, and tax ID (EIN or SSN)

Special Requirements

Beneficiary changes require an in-branch visit; cannot be completed online, by mail, or by phone
POD accounts are also known as Totten trusts or informal trust accounts (ITF)
Multiple trustees allowed on informal trust accounts
Trustees own the funds during their lifetimes and may withdraw or change beneficiaries at any time
Upon death of last surviving trustee, funds distributed equally to surviving beneficiaries
If all beneficiaries are present at the branch, each receives an equal share
If not all beneficiaries are present, a check payable to all beneficiaries as tenants in common is issued
Bank is not obligated to notify beneficiaries of trustee death or account existence
If all beneficiaries predecease the last surviving trustee, balance goes to trustee's estate
POD/ITF accounts avoid probate