How to name beneficiaries and fund a trust at STCU

POD designations are recorded on the Personal Account Card or the electronic account application.¹

IRAs use a separate beneficiary designation.²

A person can be named as a beneficiary.³

A charity can be named as a beneficiary.³

Account changes, such as adding an account owner or beneficiary, must be evidenced by an Account Card signed by all owners.²

For payable-on-death accounts. Completed by all owners of the account. Available to download.¹

A POD account is payable to the named surviving POD beneficiary on the death of the last joint account owner.²

When more than one POD beneficiary is named, they own the funds jointly with rights of survivorship.²

For Washington residents, unless waived, a joint-with-survivorship or POD designation may be invalidated when STCU receives notice of marriage dissolution or a testamentary disposition, as required by applicable law.²

An individual account may be owned by a trust.²

A fiduciary account opened by a trustee is owned by the trust. The trustee has no ownership interest and is the only authorized party to transact on it.²

The trust must qualify for credit union membership.²

A trustee acting under the trust instrument opens and transacts on the account as fiduciary; the trust is the sole owner of the account.²

Account changes, such as a change in owners, must be evidenced by an Account Card signed by all owners. STCU may require an account to be closed and a new account opened when there is a change in owners.²

STCU has no duty to examine the authorizing documents.²

STCU does not give legal advice, so it cannot counsel which account arrangement meets the requirements of a trust, will or court order.²