How to name beneficiaries and fund a trust at SECU

A POD account may have multiple beneficiaries who are natural persons.¹

A trust can be named as a POD beneficiary, but it must then be the only beneficiary on the account.¹

A charity or other nonprofit organization can be named as a POD beneficiary, but it must then be the only beneficiary on the account.¹

Any other entity that is not a natural person can be named as a POD beneficiary, but it must then be the only beneficiary on the account.¹

With multiple beneficiaries, SECU reserves the right to close the account and distribute the funds in equal shares to the beneficiaries then living.¹

All account owners sign the account signature form that names the POD beneficiaries.¹

For payable-on-death accounts. Completed by all account owners. Provided at a branch.¹

If a POD account has two or more owners, they own it as joint tenants with right of survivorship.¹

On the death of the last surviving owner, the funds belong to the beneficiaries. They do not pass to the owners' heirs and are not controlled by a will.^{1, 2}

Owners may change the beneficiaries at any time by completing a new account signature form and returning it to SECU. Changes are made individually on each account.¹

SECU has no obligation to notify beneficiaries that a POD account exists.¹

SECU may open accounts titled in the name of a revocable living trust or an irrevocable trust.¹

SECU acts only as the depository for trust account funds and does not determine whether a grantor or trustee is qualified to act. It does not give legal advice on which account arrangement meets a trust's requirements.¹

Trust services: Corporate Trustee, Agent for Trustee and FlexIRA, each with a $250,000 account minimum^{3, 4}