How to name beneficiaries and fund a trust at Wings CU

The Beneficiary Designation form covers existing personal accounts only. It is not used for trust, business, estate, IRA, custodial, benefit, guardianship, conservatorship, personal representative or federal fiduciary accounts.¹

Payable-on-death beneficiaries may be designated on individual and joint accounts.^{1, 2}

Certificate payable-on-death payees are set when the certificate is purchased and may be updated by the primary member during the term.³

IRA beneficiaries are designated on the IRA application and changed with an "IRA Change of Beneficiary" form.⁴

Up to five payable-on-death beneficiaries can be named. Multiple named beneficiaries receive equal shares as tenants in common after the last surviving owner dies.^{1, 2}

The primary member must sign the form. An attorney-in-fact (power of attorney) may not sign for the primary member.¹

In a community property state (Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington or Wisconsin), a spouse signs to consent when someone other than the spouse is designated.¹

An attorney-in-fact may change beneficiary designations only if the power of attorney specifically grants that authority.^{1, 2}

Completed by the primary member. Available to download.¹

On the form, "Add/Update Beneficiaries" supersedes any previous designations. The other choice is "Remove All Beneficiaries".¹

Wings opens trust accounts only for trusts that have not been terminated or revoked.^{5, 2}

Wings holds trust funds on deposit and cannot act as a trustee.^{5, 2}

IRAs must be established in the owner's name, not a living trust.⁴

Available to download. Must be notarized.⁵

The application is used to open a new account for the trust, for a recertification or signer change, or to retitle existing accounts to the trust, listing their account numbers.⁵

Trust accounts are opened in the complete name of the trust.^{5, 2}

All trustees must be eligible for credit union membership.^{5, 2}

All trustees must be allowed to act independently on the trust. Wings will not open an account that requires dual signatures.^{5, 2}

Transactions are performed by the trustee in a representative capacity, and any trustee may withdraw.^{5, 2}

The application takes up to three trustees and up to six successor trustees.⁵

Trustees agree to indemnify Wings.^{5, 2}