How to name beneficiaries and fund a trust at Summit CU
Covers 16 deposit, and 2 retirement accounts — beneficiaries must be updated in-branch
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
Decedent Specialist
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
There are two ways to keep your Summit CU accounts out of probate: adding Payable on Death designations and retitling accounts into a trust. Because Summit CU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Both methods ensure your accounts transfer directly to the people you choose, without court involvement.
Each of Summit CU's 18 accounts has different rules for how it transfers at death. The sections below explain the options for each.
- Provide beneficiary information: full name, date of birth, Social Security number, relationship, and percentage allocation
- Specify primary and contingent beneficiaries
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
Sources
Data sourced from Summit CU primary sources (15 pages reviewed). How we research.
Download these Summit CU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Summit CU primary sources. Bring it to the branch or keep it beside the phone.
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
Decedent Specialist
Summit Credit Union, P.O. Box 8046, Madison, WI 53708-8046
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