Estate planning options at Workers CU

Beneficiary designations are recorded on the account records. Workers reserves the right to refuse some forms of ownership and beneficiary designations.^{1, 2}

IRA accounts are not a qualified account type for the deposit-account beneficiary designation.^{1, 2}

Representative payee accounts are not a qualified account type for a beneficiary designation.^{1, 2}

UTMA accounts are not a qualified account type for a beneficiary designation.^{1, 2}

Business accounts are not a qualified account type for a beneficiary designation, except DBA or sole proprietor accounts.^{1, 2}

A qualified account type allows no more than two beneficiaries. On the death of all account owners, the account is divided evenly among the surviving beneficiaries, if any.^{1, 2}

Workers opens both revocable and irrevocable trust accounts under its Trust Account Addendum, which supplements the Terms and Conditions.³

The Terms and Conditions state that an account "may be opened and maintained by a person or persons named as a trustee under a written trust agreement."¹

For a revocable trust, the owner of the funds must be a member. If eligible, the revocable trust account itself may establish membership; no separate regular share account is required first.³

For an irrevocable trust, either the grantor (settlor) or a named beneficiary with a beneficial interest must be eligible for membership. The trust account itself can meet the membership requirement.³

Under the bylaws a trust may also be a member as an entity if all parties to the trust, including all settlors, beneficiaries and trustees, are within the field of membership.⁴

If a trust names more than one trustee, Workers assumes each trustee may act independently. It does not accept trust accounts in which the trustees cannot act independently of one another.³

Trustees may act only within the powers granted by the trust agreement. Workers does not monitor trustee compliance with fiduciary duties.³