How to name beneficiaries and fund a trust at U.S. Bancorp Investments
Covers 5 investment, 3 retirement, and 1 insurance accounts — beneficiaries must be updated in-branch
U.S. Bank Trust & Investments (corporate trustee / trust administration — a separate unit from the broker-dealer)
U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer)
U.S. Bancorp Investments, Inc., 60 Livingston Avenue, EP-MN-N2WC, Saint Paul, MN 55107 (the firm's office address of record on FINRA BrokerCheck, CRD #17868). Call 800-888-4700 first — the firm directs estate paperwork through the service line and the servicing representative.
There are two ways to keep your U.S. Bancorp Investments investment accounts out of probate: adding beneficiary designations and retitling eligible accounts into a revocable living trust. Which approach works best depends on the account type and your overall estate plan.
Each of U.S. Bancorp Investments's 9 investment accounts has different rules for how it transfers at death. The sections below explain the options for each.
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- THE TOD IS GOVERNED BY MINNESOTA LAW, NOT YOUR STATE'S: the agreement establishes the account under the Minnesota Uniform TOD Security Registration Act (Minn. Stat. §§ 524.6-301 to 524.6-311), is accepted in Minnesota, and is governed by Minnesota law wherever the account owner lives.
- Spousal written consent is required if you live in (or ever lived in, or married in) AZ, CA, ID, LA, NV, NM, TX, WA, WI, Puerto Rico, or Guam and your spouse is not the primary beneficiary of at least half the account.
- Beneficiaries can only be changed by signing a NEW form 30424 — there is no online beneficiary screen — and no change is effective until the firm receives and accepts it at its principal office.
- An agent under a power of attorney, a conservator, or a guardian may NOT establish a TOD account or change its beneficiaries except by court order or power-of-attorney documentation (U.S. Bancorp Investments has a POA affidavit form, 30494, at https://www.usbank.com/dam/documents/pdf/wealth-management/power-attorney-affidavit.pdf).
- A TOD beneficiary designation can be revoked by will: the agreement recognizes that under Minnesota law the last surviving owner may revoke the designation by specifically describing the revocation in a valid last will — but the revocation does not bind U.S. Bancorp Investments unless a claimant gives it written notice at its principal office BEFORE the transfer. Do not rely on will language alone; file a new form 30424.
- A TOD account can be held by a sole owner or by joint tenants with rights of survivorship only — never as tenants in common.
- A TOD designation and trust ownership are alternatives, not a belt-and-suspenders pair: an account retitled into the trust is governed by the trust.
Sources
Data sourced from U.S. Bancorp Investments primary sources (14 pages reviewed). How we research.
Download these U.S. Bancorp Investments instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against U.S. Bancorp Investments primary sources. Bring it to the branch or keep it beside the phone.
U.S. Bank Trust & Investments (corporate trustee / trust administration — a separate unit from the broker-dealer)
U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer)
U.S. Bancorp Investments, Inc., 60 Livingston Avenue, EP-MN-N2WC, Saint Paul, MN 55107 (the firm's office address of record on FINRA BrokerCheck, CRD #17868). Call 800-888-4700 first — the firm directs estate paperwork through the service line and the servicing representative.
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