Common use of Payable-on-Death Designation Clause in Contracts

Payable-on-Death Designation. We may pay the balance in the account to the beneficiary or beneficiaries you name, only upon your death and the death of all joint owners. Funds will be distributed equally if multiple beneficiaries are designated. We are not obligated to notify any beneficiary of the existence of any account, nor the vesting of any beneficiary interest in any account, except as otherwise provided by law. We are not liable to the estate or any third party for acting, in good faith, upon beneficiary designations made by you on an acceptable TruStone Financial form. If a dispute arises among beneficiaries or other third parties as to the ownership of funds, we may freeze the funds until the dispute is resolved. The estate shall be responsible for any costs we incur should legal action arise, including, but not limited to, an interpleader action. Costs include, but are not limited to, court costs and attorneys’ fees. Any costs we may incur may be offset against any funds in your account or an estate account held by TruStone Financial. You may change or remove beneficiaries at any time on your membership by making such request to TruStone on a form acceptable to us. No person designated as a beneficiary has any right to funds held in the account as long as any owner of the account, including a joint owner, is still alive. Any joint owner, who survives you, may change or delete beneficiaries at any time. Uniform Transfers to Minor Act (UTMA) Account This account enables adults to make tax-advantaged transfers to minors by setting up an account as a custodian for a child without a complicated trust agreement. The account is set up using the name of the custodian followed in substance by the words “as custodian for (the name of the minor) under the Minnesota (or Wisconsin) Uniform Transfers to Minors Act”. Only the named custodian (or successor custodian) is authorized to instruct us regarding the account. The transfer is irrevocable, and title is vested in the minor named on the account. Dividends earned are reported under the minor’s Taxpayer Identification Number. The custodianship automatically terminates and the property may be distributed upon the earlier of the minor’s attainment of the age of majority according to the UTMA or the minor’s death. At the time of opening this account, the custodian or the minor must be a member of TruStone.

Payable-on-Death Designation. We may pay the balance in the account to the beneficiary or beneficiaries you name, only upon your death and the death of all joint owners. Funds will be distributed equally if multiple beneficiaries are designated. We are not obligated to notify any beneficiary of the existence of any account, nor the vesting of any beneficiary interest in any account, except as otherwise provided by law. We are not liable to the estate or any third party for acting, in good faith, upon beneficiary designations made by you on an acceptable TruStone Financial form. If a dispute arises among beneficiaries or other third parties as to the ownership of funds, we may freeze the funds until the dispute is resolved. The estate shall be responsible for any costs we incur should legal action arise, including, but not limited to, an interpleader action. Costs include, but are not limited to, court costs and attorneys’ fees. Any costs we may incur may be offset against any funds in your account or an estate account held by TruStone Financial. You may change or remove beneficiaries at any time on your membership by making such request to TruStone on a form acceptable to us. No person designated as a beneficiary has any right to funds held in the account as long as any owner of the account, including a joint owner, is still alive. Any joint owner, who survives you, may change or delete beneficiaries at any time. Uniform Transfers to Minor Act (UTMA) Account This account enables adults to make tax-advantaged tax‐advantaged transfers to minors by setting up an account as a custodian for a child without a complicated trust agreement. The account is set up using the name of the custodian followed in substance by the words “as custodian for (the name of the minor) under the Minnesota (or Wisconsin) Uniform Transfers to Minors Act”. Only the named custodian (or successor custodian) is authorized to instruct us regarding the account. The transfer is irrevocable, and title is vested in the minor named on the account. Dividends earned are reported under the minor’s Taxpayer Identification Number. The custodianship automatically terminates and the property may be distributed upon the earlier of the minor’s attainment of the age of majority according to the UTMA or the minor’s death. At the time of opening this account, the custodian or the minor must be a member of TruStone.