Estate planning options at U.S. Bancorp Advisors

Transfer on death (TOD) beneficiaries are set and changed by completing a new Beneficiary Designation form and delivering it to U.S. Bancorp Advisors. The firm relies on the latest designation in its possession.¹

A beneficiary designation is effective only on a form provided by or acceptable to the custodian, filed during the owner's lifetime. Each new designation cancels all previous ones.²

A trust can be named as beneficiary on form 30584.³

If shares are left blank for more than one beneficiary, payment is made in equal shares to the primary beneficiaries who survive the owner.¹

Up to 10 beneficiaries can be named, each marked primary or contingent. Primary shares must total 100% and contingent shares must total 100%; leaving the share section blank splits shares equally.³

Section 3 spousal consent applies to past or current residents of AZ, CA, ID, LA, NV, NM, TX, WA, WI, Puerto Rico and Guam who are married and do not name the spouse as primary beneficiary of at least half the IRA. The spouse must consent in writing.^{3, 4}

The owner signs and dates the form; it is not valid if not dated.³

For IRAs. Available to download.^{3, 5, 4}

The Universal Customer Agreement states a TOD beneficiary cannot be changed by will, codicil, trust or other testamentary document.¹

On a brokerage designation, a "Per Stirpes" box can be checked for each beneficiary so a predeceased beneficiary's share passes to their descendants under state law; without it, that share is divided equally among the surviving primary beneficiaries.¹

On the IRA form, Rights of Representation can be checked for any beneficiary whose share should pass to their descendants.³

On a brokerage designation, if no primary beneficiary is living at the owner's death, the balance goes to the contingent beneficiaries.¹

Accounts opened with U.S. Bancorp Investments carried TOD designations on its form 30424 (08/23). Unlike the U.S. Bancorp Advisors agreement, that form lets the last surviving owner revoke a designation by specifically describing it in a will.⁶

Under form 30424, a revocation by will binds U.S. Bancorp Investments only if it has received written notice at its principal office before the transfer.⁶

The U.S. Bancorp Investments TOD form 30424 is governed by Minnesota law.⁶

U.S. Bancorp Advisors accounts can be held by a fiduciary; its Universal Customer Agreement defines fiduciaries to include a trustee.¹

The account transfer form 30444B lists Trust and Estate among its receiving account types.⁷

An IRA is not registered to a trust. A trust can be named as the IRA's beneficiary on form 30584.³

Where an account has more than one fiduciary, such as co-trustees, U.S. Bancorp Advisors may require the written consent of all of them before acting on the instructions of one.¹

U.S. Bancorp Advisors and National Financial Services do not review a fiduciary's actions or determine the extent of a fiduciary's authority.¹