Estate planning options at Levo Credit Union
The goal with your Levo Credit Union accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because Levo Credit Union is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts without either one pass through the estate, by probate or the state's small-estate procedure.
Each of Levo Credit Union's 14 accounts has different rules for how it transfers at death. The sections below explain the options for each.
No beneficiary form at Levo Credit Union
Required Documents
- Account Card naming the POD beneficiaries (unless the designation is made through Levo's online application process)
- Signed Account Change Card or other document accepted by Levo (if Levo requires one for an account change)
Beneficiary designation is not available for retirement accounts at Levo Credit Union.
What Levo Credit Union says about beneficiaries and trusts
Each section is Levo Credit Union's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
POD beneficiaries can be designated as an ownership feature of an individual or joint share or deposit account.1
- IRA
POD designations do not apply to individual retirement accounts (IRAs).1
- Trust account
The POD paragraph of the agreement does not apply to an account held on behalf of or in the name of a trust.1
How many beneficiaries, and how shares are split
- Payable-on-death account
Unless state law provides otherwise or Levo permits and documents otherwise, multiple surviving beneficiaries own the funds jointly in equal shares, without rights of survivorship.1
What a designation takes to be effective
- All accounts
Levo may require account changes to be evidenced by a signed Account Change Card or other document accepted by Levo.1
What Levo Credit Union's agreement says about beneficiaries2
Which accounts a trust can hold1
- Investment account
EasyVest automated investing is not available on trust accounts.2
What Levo Credit Union says about trust accounts1
- The institution's right to refuse a designation or an account title
Levo may refuse instructions on a trust arrangement that it believes could expose it to claims or liabilities, or may require indemnity, a bond or other protection.1
Not in Levo Credit Union's published guidance4
- A beneficiary designation form
- A page on adding a POD beneficiary
- A procedure for holding an account in a trust
- A trust department
Sources2
Sources
(1)·
Data sourced from Levo Credit Union primary sources (11 pages reviewed). How we research.
Download these Levo Credit Union instructions
A printable PDF with the steps, required documents, and contact details, verified against Levo Credit Union primary sources. Bring it to the branch or keep it beside the phone.
Levo Credit Union estate support
Service Center
Phone
Toll-free
Hours
Mailing address
Website
Estate requests go through general customer service.
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