Estate planning options at UMB Bank

UMB's Deposit Account Agreement allows a consumer account held individually to carry a payable-on-death direction. UMB "may accept and execute payable-on-death designations on individual accounts and joint accounts in accordance with applicable law."¹

A consumer account held as a joint account with right of survivorship can carry a payable-on-death direction, as an individual account can.¹

UMB's trusteed IRA (individual retirement trust) combines an IRA with the management of a trust in one agreement. Its beneficiary designation options control how beneficiaries access the IRA and how it is ultimately distributed.²

A person named as a payable-on-death beneficiary is not, by virtue of that direction, an owner of the account.¹

UMB's right of setoff does not apply to funds in IRAs or HSAs held at UMB or its affiliates. Deposit accounts carry no such carve-out.¹

UMB's Deposit Account Agreement lists "trustee for the benefit of another party" among the ways a consumer account may be held.¹

The agreement defines a "fiduciary account" as one whose owner is a natural person acting as a trustee, conservator, guardian, executor, administrator, custodian or agent, and states that "Consumer Banking accounts" includes fiduciary accounts.¹

To the maximum extent permitted by applicable law, each fiduciary on a fiduciary account authorizes each other fiduciary to draw items, make withdrawals or otherwise act on the account individually.¹

The agreement makes the fiduciary solely responsible for acting under the terms of the trust or other document establishing the fiduciary relationship. UMB is not responsible for ensuring the account owner's compliance with it.¹

Trust administration, and appointment as trustee, including of testamentary trusts³

Dynasty trusts³