How to name beneficiaries and fund a trust at BluPeak CU

BluPeak pays according to the ownership form and beneficiary designation recorded on the account records, and it reserves the right to refuse some forms of ownership and beneficiary designations.¹

On a P.O.D. account with a single owner, ownership passes to the named pay-on-death payee(s) when the owner dies.¹

On a P.O.D. account with multiple owners, ownership passes to the surviving owner(s) first, and to the payee(s) only after all owners have died.¹

Shares may be issued in a revocable or irrevocable trust. On BluPeak's approval, an account may be opened or maintained by a trustee named under a written trust agreement.^{2, 1}

For a revocable trust, the settlor must be a BluPeak member in his or her own right; for an irrevocable trust, either the settlor or the beneficiary must be a member. Both must state the name of the beneficiary.²

A trust may itself be a member only if all settlors, beneficiaries and trustees are within BluPeak's field of membership.²

BluPeak abides by the terms of a separate agreement that clearly pertains to the account and is filed with it.¹

Holding a trust account does not make BluPeak a trustee, and it does not monitor or enforce the terms of the trust.¹