Estate planning options at Tri Counties Bank

A consumer deposit account can be held as a Payable on Death (P.O.D.) Account or as a Totten Trust Account, an informal trust account reflected on the bank's records without a written trust agreement.¹

The ownership form and any beneficiary designation are those specified in the bank's account records. The bank reserves the right to refuse some forms of ownership on any or all accounts.¹

When more than one payee or beneficiary survives, each takes an equal share unless the bank's records expressly reflect otherwise.¹

A P.O.D. payee or Totten Trust beneficiary must survive the death of all account owners to receive any interest in the account, and becomes the owner once all owners have died.¹

During the owners' lifetime the balance may be paid to any or all of the owners.¹

A consumer deposit account can be held as a Trust & Other Fiduciary Account, in which the signing trustees hold legal title for the named beneficiaries under a separate trust agreement.¹

The signing trustees certify that they are authorized to manage funds in the account. The bank is not obligated to monitor whether a trustee or other fiduciary is acting consistently with or in breach of any fiduciary duty.¹

The bank may ask for trust documentation at account opening and from time to time.¹