Estate planning options at VACU

A Payable on Death (POD) Trust lets the member, as trustee, and any co-trustee designate beneficiaries.¹

An IRA carries its own beneficiary designation and is not part of the POD split.¹

The form lists up to three beneficiaries. On the death of the last surviving trustee or co-trustee, VACU pays all funds in equal amounts to, or on behalf of, each living beneficiary named on a VACU approved document such as an account signature card.^{2, 1}

A change of beneficiary is accepted only if every trustee identified on the account has signed documentation authorizing it.¹

For payable-on-death accounts. Available to download.^{2, 3}

A POD account set up with a co-trustee is subject to the same terms as a VACU joint or multiple-party account.¹

A trustee’s or co-trustee’s resignation is not effective until VACU receives and accepts written documentation of it.¹

The trust-owned account clause does not cover IRAs.¹

The account is opened in the name of the trust. The member and owner of the account is the trust itself, not any Authorized Signer.¹

At least one Authorized Signer must be designated to act for the trust account. Any Authorized Signer VACU recognizes may act alone, including adding or removing another Authorized Signer, unless varied in writing and accepted by VACU.¹

VACU reserves the right to require the signature of all Authorized Signers.¹

Joint ownership is not allowed on a trust-owned account unless VACU approves it.¹