Estate planning options at Washington Trust Bank (Spokane)

A named beneficiary can take money out only once everyone who set up the account has died, and only a beneficiary alive at that point takes a share.^{1, 2, 3}

Beneficiaries who outlive everyone who set up the account split it equally, and one beneficiary's share does not pass to the others by survivorship.^{1, 2, 3}

While alive, the person or people who set up a revocable trust or pay-on-death account may name different beneficiaries, change the type of account and withdraw any part of the balance.^{1, 2, 3}

Two or more people who set up a pay-on-death account together hold it jointly with survivorship between themselves, so the beneficiaries wait until the last of them has died.^{1, 2, 3}

Washington Trust Bank may decline some forms of ownership and beneficiary designations, and makes no claim about what a designation achieves beyond deciding whom it pays.^{1, 2, 3}

Any pledge of the account that the bank agreed to is paid off first, before a surviving owner or a beneficiary takes the balance.^{1, 2, 3}

An agent (Washington and Oregon terms) or authorized signer (Idaho terms) on an account can withdraw money but cannot change what the owners or beneficiaries are entitled to.^{1, 2, 3}

Each state version of the personal terms says it is governed by federal law and the law of its own state: Washington, Idaho or Oregon.^{1, 2, 3}

A trustee under a written trust agreement may open and run an account, and the bank is not answerable for what a fiduciary does with the money.^{1, 2, 3}

Moving an account to a new owner by transfer or assignment needs the bank's written consent first.^{1, 2, 3}

Opening an account for a trust does not make Washington Trust Bank its trustee, and the bank takes on no duty to watch over or enforce the trust's terms.^{1, 2, 3}

For the Signature Checking fee refund, personal accounts held in trustee ownership with a signer in common may count toward the combined balance.⁴

Trust administration as corporate trustee, estate settlement, investment management and custody⁵

Brokerage accounts, annuities, IRAs and insurance offered at Washington Trust Bank through Cetera, a separate company⁶