Estate planning options at Tower FCU

A POD or trust account designation can be placed on a single or joint account. The account is payable to the owners during their lifetimes and, when the last owner dies, to any named and surviving POD payee or trust beneficiary.¹

A POD or trust account designation does not apply to an IRA. An IRA is governed by its own beneficiary designation.¹

When more than one beneficiary or payee survives, they own the account jointly in equal shares.¹

An account change requested by any account owner must be evidenced by a signed Account Update form and accepted by Tower.¹

Tower reserves the right to require the written consent of all owners for any change to a joint account.¹

A power of attorney or a designated convenience user on a Tower account ends when the principal dies.²

Tower is not obligated to notify a beneficiary or payee that an account exists or that their interest has vested, except as provided by law.¹

An individual account may be owned by one member that is an individual, corporation, partnership, trust or other organization.¹

Tower opens a Revocable Living Trust account on request from a Trustee/Grantor.²

Under "Special Account Instructions," Tower may refuse a trust, will or court-ordered account instruction it believes exposes it to claims, or may first require indemnification, a bond or other protection.¹