"Payable on Death" Trust (Totten Trust)

[skyblue48]

What is the name of your state?

California

Hi,

I have an online savings account and would like to create a "Payable on Death" Trust (Totten Trust) on the account naming my mother as the beneficiary (she is the only person I can name as a beneficiary). I contacted the bank about this and they informed me that my mother doesn't qualify as their bank policy doesn't permit Non-US citizens to be named beneficiaries for such Trust types. My mum and I are foreign nationals but I'm currently in the US on a work visa. My questions are as follows: Does the law restrict "Payable on Death" (Totten Trust) beneficiaries to US Citizens? If not, is the bank legally compelled to accept whomsoever I name as beneficiary or are they at liberty to accept/reject beneficiaries on the basis of their internal policies?

Any feedback would be much appreciated.

ThanksWhat is the name of your state?

 

[divgradcurl]

What is the name of your state?

California

Hi,

I have an online savings account and would like to create a "Payable on Death" Trust (Totten Trust) on the account naming my mother as the beneficiary (she is the only person I can name as a beneficiary). I contacted the bank about this and they informed me that my mother doesn't qualify as their bank policy doesn't permit Non-US citizens to be named beneficiaries for such Trust types. My mum and I are foreign nationals but I'm currently in the US on a work visa. My questions are as follows: Does the law restrict "Payable on Death" (Totten Trust) beneficiaries to US Citizens? If not, is the bank legally compelled to accept whomsoever I name as beneficiary or are they at liberty to accept/reject beneficiaries on the basis of their internal policies?

Any feedback would be much appreciated.

ThanksWhat is the name of your state?

There is no law that requires that a POD account be limited to U.S. citizens, but there is also no law that says a bank has to allow anyone you want as a beneficiary. See if another bank can handle the trust the way you want.

 

[skyblue48]

Thanks for the feedback, divgradcurl.