Estate planning options at Teachers FCU

A POD or trust account designation is an instruction on an individual or joint account that it is payable to the owners during their lifetimes and, when the last owner dies, to all surviving POD or trust beneficiaries or payees.¹

The ownership type is shown in the account title on the Account Card.¹

The POD or trust account designation does not apply to Individual Retirement Accounts.¹

IRA beneficiary information is collected when the IRA is opened at an in-person appointment.^{2, 3}

The POD or trust account designation does not apply to an account held on behalf of or in the name of a trust.¹

If a checking account has no joint owner, on the owner's death the funds are transferred to the primary savings account and paid to its joint owner, if any, or to the beneficiaries named on the primary savings account.¹

With more than one surviving beneficiary or payee, the beneficiaries own the funds jointly in equal shares without rights of survivorship, unless state law provides otherwise or a different arrangement is permitted and documented by Teachers.¹

Teachers is not obligated to notify any beneficiary or payee of the existence of an account or the vesting of the beneficiary's interest, except as otherwise provided by law.¹

Teachers names Living Trust accounts among its account types, and the Membership Account Agreement treats a trustee under a trust agreement as a fiduciary.^{4, 5, 1}

Funds in a Living Trust account may not be pledged as collateral for a Savings Secured Loan, Certificate Secured Loan or Visa Secured Credit Card.^{4, 5}

Trust accounts are not eligible for the new-member checking bonus offers.⁶

Teachers may refuse trust, estate or court-ordered account instructions it believes might expose it to claims, lawsuits, expenses, liabilities or damages, or may require indemnification, a bond or other protection before following them.¹

Securities held through Teachers Investment Services⁷