Common use of Xxxxxx Trust Accounts Clause in Contracts

Xxxxxx Trust Accounts. Subject to Applicable Law and the Bank’s acceptance, you may, without a written trust document, designate on the Account Agreement form an account to be payable on your death to a designated beneficiary(ies). You must provide us with the name, date of birth, address, and other identifying information of the beneficiary(ies) that we may request. Such accounts may be generally known as “Xxxxxx Trusts,” “transfer-on-death,” or “in trust for” accounts. You are solely responsible for meeting the terms of Applicable Law in establishing such accounts including, without limitation, any titling requirements. We make no representations as to whether the establishment or use of such an account designation is appropriate for you. You may want to consult your attorney, tax professional or estate planning advisor before making such a designation. You have the right at all times to change or remove such beneficiary(ies) from the account, close the account, or withdraw some or all of the funds from the account. If you open this type of account, the account and the funds in it belong to you during your lifetime and, until your death, the beneficiary(ies) has no interest in the account and may not access the account nor the funds in the account. Upon your death, or if there is a joint owner, upon the death of the surviving co-owner, all the funds in the account shall be owned by the person then living who is named as beneficiary(ies) on the account. The money in this type of account will not be inherited by your heirs or controlled by your will. We have no obligation to notify any beneficiary(ies) of the existence of any account or the vesting of any interest in any account.