Common use of Payable on Death Accounts Clause in Contracts

Payable on Death Accounts. Without having to establish a formal trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries ( payable on death or P.O.D. account ) by giving us a written (or, if applicable, electronic) beneficiary designation in the form we require in our discretion from time to time. You may designate up to six individual beneficiaries. We reserve the right to request a TIN (either a SSN or ITIN) and/or other identifying information for each beneficiary that you designate. Designated beneficiaries must have a valid U.S. mailing address. If you establish a payable on death account, the account belongs to you during your lifetime and your beneficiaries have no interest in and no access to the account until your death. Upon your death (or in the case of a Joint Account, on the death of the last-surviving Joint Account owner), all of the funds in the payable on death account will be owned by the beneficiary if then living (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your P.O.D. account are not governed by your will or inherited by your heirs if a beneficiary is living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner). If there is more than one beneficiary living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner), in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a P.O.D. account in equal shares to the account’s then-living beneficiaries at the time of payment, or pay the funds by issuing a check in the name of all then-living beneficiaries, and giving the check to any one then-living beneficiary. We have no obligation to notify any beneficiary of the existence of a P.O.D. account or the vesting of an interest in such an account. Certain state law restrictions may apply to P.O.D. accounts. You are solely responsible for complying with applicable law in establishing a payable on death account. We make no representation that designating your account as a payable on death account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a payable on death account. It may be advisable or appropriate to obtain spousal or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, NV, NM, TX, WA, and WI) if a spouse or domestic partner is not named as the sole beneficiary.

Payable on Death Accounts. Without having When an account beneficiary is named through any method prescribed by MSUFCU, a Payable on Death (POD) Account is established in order to establish designate the surviving POD beneficiary(ies) of a formal trustsingle- or multiple-party account, you mayexcluding Conservator Accounts, subject Estate Accounts, Representative Payee Accounts, Trust Accounts, Individual Retirement Accounts (IRAs), Heath Savings Accounts (HSAs), and Xxxxxxxxx Education Savings Accounts (CESAs). Beneficiary designation for IRAs, HSAs, and CESAs are established separately. We are not required to applicable inform the beneficiary of the establishment of any such account or their vested interest in any account, unless required by law, designate your . All POD beneficiary designations made or changed must be authorized by valid signature of all account owners to be payable on your death enforceable (including signature(s) through an electronic process). In the event that all account owners do not provide signed authorization for any POD beneficiary designations (for example, at the time of opening an account, or at the time of adding a beneficiary or changing the beneficiary designations, or at the time that a joint owner is added to one or more designated beneficiaries ( payable on death or P.O.D. account ) by giving us a written (or, if applicable, electronic) beneficiary designation in the form we require in our discretion from time to time. You may designate up to six individual beneficiaries. We reserve the right to request a TIN (either a SSN or ITIN) and/or other identifying information for each beneficiary that you designate. Designated beneficiaries must have a valid U.S. mailing address. If you establish a payable on death account), the account belongs will be considered not to you during your lifetime have an enforceable beneficiary designation and your beneficiaries have no interest the remaining funds in and no access the account will be paid to the last surviving owner’s estate. However, if MSUFCU determines that the signature of any account until your deathowner is not valid or is missing, MSUFCU will enforce the immediately preceding beneficiary designation, if any, authorized by valid signature(s) of account owner(s) at that time. Upon your death (or • If more than one POD beneficiary is named, the remaining funds in the case of a Joint Account, on account will be paid to all such beneficiaries who survive the death of the last-last surviving Joint Account owner), all of according to the percentage previously designated for each beneficiary. If no percentages were previously designated, the remaining funds in the payable on death account will be owned by the beneficiary if then living (or in the case where there is more than one beneficiary, in equal shares by divided equally among the beneficiaries then living). The funds in your P.O.D. account are not governed by your will or inherited by your heirs if a beneficiary is living upon your death (or, if applicable, upon who survive the death of the last-last surviving Joint Account owner). If there is more than one beneficiary living upon your death (orthe percentages that were designated do not total 100%, if applicable, upon the remaining funds in the account will be divided equally among the beneficiaries who survive the death of the last-last surviving Joint Account owner), in our sole discretion and subject to our right regardless of set-off and security interestthe percentages designated for the named beneficiaries. If a named beneficiary does not survive the account owners, we may pay their share of the remaining funds in the account will be divided equally among surviving beneficiaries. • If no person designated as a P.O.D. account in equal shares to the account’s then-POD beneficiary is living beneficiaries at the time of paymentthe death of the last surviving owner, or pay the remaining funds by issuing a check in the name of account will be paid to all then-living beneficiariesnamed contingent beneficiaries then living, and giving according to the check to any one then-living percentage previously designated for each contingent beneficiary. We have If no obligation to notify any beneficiary percentages were previously designated, the remaining funds in the account will be divided equally among the contingent beneficiaries who survive the death of the existence last surviving owner. If the percentages that were designated do not total 100%, the remaining funds in the account will be divided equally among the contingent beneficiaries who survive the death of the last surviving owner, regardless of the percentages designated for the named contingent beneficiaries. If a P.O.D. named contingent beneficiary does not survive the last surviving owner, their share of the remaining funds in the account will be divided equally among surviving contingent beneficiaries. • If no beneficiaries or contingent beneficiaries are living at the vesting time of an interest the death of the last surviving owner, the remaining funds in such an account. Certain state law restrictions may apply the account will be paid to P.O.D. accounts. You are solely responsible for complying with applicable law in establishing a payable on death account. We make no representation that designating your account as a payable on death account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a payable on death account. It may be advisable or appropriate to obtain spousal or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, NV, NM, TX, WA, and WI) if a spouse or domestic partner is not named as the sole beneficiarylast surviving owner’s estate.

Payable on Death Accounts. Without having to establish a formal trustFor an individual or joint account, you may, subject may choose to applicable law, designate make your account to be Account payable on upon your death to one or more designated beneficiaries ( payable-on-death (“POD”) beneficiaries. You can make your Account a POD account by instructing us to list each POD beneficiary on the Account and complying with applicable State law. The State in which your Account is domiciled or in which the Account owner(s) live may impose requirements that must be met to create a POD account. For example, you may have to include certain words or letters in the Account title to create a POD account, such as “payable on death death,” or P.O.D. account ) by giving us a written (or, if applicable, electronic) beneficiary designation in the form we require in our discretion from time to time. You may designate up to six individual beneficiaries. We reserve the right to request a TIN (either a SSN or ITIN) and/or other identifying information for each beneficiary that you designate. Designated beneficiaries must have a valid U.S. mailing address. If you establish a payable on death account, the account belongs to you during your lifetime and your beneficiaries have no interest in and no access to the account until your death. Upon your death (or in the case of a Joint Account, on the death of the last-surviving Joint Account owner), all of the funds in the payable on death account will be owned by the beneficiary if then living (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your P.O.D. account are not governed by your will or inherited by your heirs if a beneficiary is living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner). If there is more than one beneficiary living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner), in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a P.O.D. account in equal shares to the account’s then-living beneficiaries at the time of payment, or pay the funds by issuing a check in the name of all then-living beneficiaries, and giving the check to any one then-living beneficiary. We have no obligation to notify any beneficiary of the existence of a P.O.D. account or the vesting of an interest in such an account. Certain state law restrictions may apply to P.O.D. accounts“POD”. You are solely responsible for complying with applicable law in establishing meeting these requirements. We may treat your Account which names a payable on death POD beneficiary as a POD account. We make However, if the applicable requirements are not met, we may be required to treat your Account as though there is no representation that designating POD beneficiary. During your account as a payable on death account is advisablelifetime, your POD Account belongs to you. You should consult may close the Account, remove or add one or more POD beneficiaries, change the Account type or ownership, and withdraw all or a portion of the funds in the Account. When the Account owner or last joint owner dies, we may pay any funds remaining in the Account to the then-surviving (if any) POD beneficiary(ies), subject to our right to charge the Account for any amount a deceased owner, joint owner or POD beneficiary owes us. A POD beneficiary does not acquire an attorney interest in the POD Account until after the death of the Account owner or other qualified estate planning professional before designating your account as a payable on death accountthe last joint owner. It A POD beneficiary may acquire an interest in the Account at that time but only if the POD beneficiary is alive. TRUST/FIDICIARY ACCOUNTS Deposits may be advisable made by one or appropriate two persons in trust for another (the “beneficiary”). Any action in connection with the Account, including withdrawals, may be made only by the trustee, or if there is more than one trustee, by all trustees, any trustee, or the survivor/surviving trustee(s). If we have not received any other written notice of the existence and terms of a trust upon the death of the trustee, or if there are two trustees, upon the death of both trustees, the funds on deposit will be paid upon request to obtain spousal the beneficiary, or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, NV, NM, TX, WA, and WI) if a spouse to his or domestic partner is not named as the sole beneficiaryher legal representative.