How to name beneficiaries and fund a trust at UFCU

An IRA has a separate account agreement and beneficiary designation. The payable-on-death section of the Membership and Account Agreement does not govern it.¹

A Keogh plan has a separate account agreement and beneficiary designation. The payable-on-death section of the Membership and Account Agreement does not govern it.¹

A Coverdell Education Savings Account has a separate account agreement and beneficiary designation. The payable-on-death section of the Membership and Account Agreement does not govern it.¹

Apart from one exception the agreement ties to state law, a payable-on-death beneficiary may not be an owner of the account.¹

Sums payable to more than one surviving payable-on-death beneficiary are distributed equally.¹

Any beneficiary change requires written notice to UFCU on a form UFCU approves.¹

An agent may not appoint themselves as payable-on-death beneficiary on the account owner's behalf. An agent may be appointed beneficiary before being appointed agent, or by another owner of the account.²

No beneficiary is entitled to another beneficiary's interest on that beneficiary's death.¹

Multiple beneficiaries may be named and updated at any time.²

A beneficiary has no access to the account during the owner's lifetime.²

Available to download.³