Estate planning options at Town & Country FCU
The goal with your Town & Country FCU accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because Town & Country FCU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts without either one pass through the estate, by probate or the state's small-estate procedure.
Town & Country FCU has 21 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
No beneficiary form at Town & Country FCU
- The main line, which connects all departments and branches, is (207) 773-5656 or 1-800-649-3495
- Branch, phone and video appointments can be booked at appointments.tcfcu.com
- The Membership Agreement says account changes requested by an owner, such as adding or closing an account or service, must be evidenced by a signed Account Change form and accepted by the credit union
- Written notices to the credit union go to Town & Country Federal Credit Union, P.O. Box 9420, South Portland, Maine
- The main line, which connects all departments and branches, is (207) 773-5656 or 1-800-649-3495
- Branch, phone and video appointments can be booked at appointments.tcfcu.com
- The Membership Agreement says account changes requested by an owner, such as adding or closing an account or service, must be evidenced by a signed Account Change form and accepted by the credit union
- Written notices to the credit union go to Town & Country Federal Credit Union, P.O. Box 9420, South Portland, Maine
What Town & Country FCU says about beneficiaries and trusts
Each section is Town & Country FCU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Payable-on-death account
The Membership Agreement, which governs all deposit accounts, offers a "Revocable Trust or Pay-on-Death Account" ownership form.1
How many beneficiaries, and how shares are split
- Payable-on-death account
Two or more surviving beneficiaries own the account in equal shares, without right of survivorship.1
What Town & Country FCU's agreement says about beneficiaries4
- What the owner keeps while living
A beneficiary cannot withdraw unless every person who created the account has died and the beneficiary is then living.1
The person or persons who created a pay-on-death or revocable trust account may change beneficiaries, change the account type and withdraw all or part of the funds at any time.1
- Claims against the account
Under "Pledges", the credit union's lien on any deposit and any pledge of an account must first be satisfied before the rights of any surviving account owner or account beneficiary become effective.1
- Joint accounts
A joint account is a joint tenancy with rights of survivorship by default.1
Town & Country also offers "Tenants-in-Common" joint accounts, on which the remaining parties do not receive the benefit of or assets in the account when one party dies.1
- When a designation takes effect
Written notices to the credit union are effective when received.1
What Town & Country FCU says about trust accounts3
- Membership
Membership requires a savings account with a $25.00 balance kept at all times.1
- The institution's right to refuse a designation or an account title
Under "Special Account Instructions", the credit union may refuse instructions for a business, trust, will or court-ordered account arrangement that it believes might expose it to claims, or may require an indemnity or a bond.1
- The trust's tax identification number
The credit union may suspend opening an account when a taxpayer identification number is not provided.1
Not in Town & Country FCU's published guidance3
- A beneficiary designation form
- What the owner provides to name a beneficiary
- A procedure for holding an account in a trust
Sources1
Sources
(2)·
Data sourced from Town & Country FCU primary sources (23 pages reviewed). How we research.
Download these Town & Country FCU instructions
A printable PDF with the steps, required documents, and contact details, verified against Town & Country FCU primary sources. Bring it to the branch or keep it beside the phone.
Town & Country FCU estate support
Main line (connects all departments and branches)
Phone
Toll-free
Lost or stolen Visa credit or debit card
Fax
Hours
Mailing address
Website
Estate requests go through general customer service.
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