How to name beneficiaries and fund a trust at Summit CU
Covers 16 deposit, and 2 retirement accounts — beneficiaries must be updated in-branch
Phone1-800-236-5560
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteLearn more →
Phone1-800-236-5560
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteLearn more →
Death Claims
Phone(608) 243-5000
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteNotify online →
Verified Feb 2026
Preparing your Summit CU accounts for estate transfer involves two key steps: designating beneficiaries on each account and, where appropriate, retitling accounts into a trust. Because Summit CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts with Payable on Death designations or trust ownership bypass probate entirely.
With 18 product types, Summit CU 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.
Free CheckingDividend CheckingUltimate CheckingBalance AccountPrimary SavingsSecondary SavingsGoSave AccountHoliday SavingsHealth Savings Account (HSA)Money Market PlusUltimate Money MarketMoney Market MaximizerCertificateCertificate PlusStudent Free CheckingAssured Checking
1Visit any of Summit's 58 Wisconsin branch locations
2Bring government-issued photo ID
3Request to add or update POD beneficiary designation
4Provide beneficiary information: full name, date of birth, Social Security number, relationship, and percentage allocation
5Specify primary and contingent beneficiaries
6Sign and submit the designation
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- POD designation available for deposit accounts (checking, savings, CDs, money market) -- excludes IRAs
- IRA accounts use a separate beneficiary designation process
- When more than one POD beneficiary survives, ownership passes to all surviving beneficiaries in equal shares without rights of survivorship, unless otherwise documented
- Trusts can be named as POD beneficiaries on deposit accounts
- A trust can be named as beneficiary of an IRA (consult a tax advisor for implications)
- The credit union is not obligated to notify beneficiaries of the existence of any account except as required by law
- POD beneficiary assets are distributed less any outstanding loans or fees owed to the credit union
Phone1-800-236-5560
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteLearn more →
Phone1-800-236-5560
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteLearn more →
Death Claims
Phone(608) 243-5000
Mailing Address
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
WebsiteNotify online →
Verified Feb 2026
Estate planning documents for Summit CU customers
Free documents designed to protect your Summit CU accounts.