How to designate beneficiaries at Union Bank & Trust (Nebraska)

Omnify health savings accounts are held at Union Bank & Trust, and the account holder names primary and contingent beneficiaries for them.^{1, 2}

The form names one or more people as primary or contingent beneficiaries, up to six on each list.¹

An entity may be named in place of a person.¹

The owner sets each beneficiary's share, and the shares on each list must total 100%. Where no shares are given, the beneficiaries on that list share equally.¹

An owner married in a common law, community property or marital property state names the spouse as primary beneficiary unless the spouse signs the form's consent to someone else.¹

The account holder signs the form by hand. The form has no witness or notary block.¹

For health savings accounts. Completed by the HSA account holder. Available to download.¹

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A new form replaces every earlier beneficiary designation on the HSA.¹

A beneficiary who dies before the account holder takes nothing, and the remaining beneficiaries' shares grow in proportion.¹

The contingent beneficiaries take their shares only if no primary beneficiary survives the account holder. A name not marked primary or contingent counts as primary.¹

Naming the spouse as a beneficiary is revoked automatically if the marriage ends in divorce, annulment or another legal termination.¹

A joint owner of a Union Bank & Trust account has full control of the funds and can close the account and add or remove signers. A signer can manage the account but owns none of the funds.³

An agent under a power of attorney is added to an account at a branch, where the principal and the agent show government ID and the bank reviews the document. The bank charges no fee to add one.³

The account holder takes responsibility for the designation and agrees not to hold Union Bank & Trust liable for its consequences.¹