A Payable-on-Death (POD) designation—also known as a Totten trust or informal trust—allows account owners to name one or more beneficiaries to inherit remaining account balances outside of probate.
As the account owner, you retain full ownership and unrestricted access to your funds during your lifetime. Beneficiaries have no access to or control over the account until after the account owner's death.
How to Add or Update Beneficiaries
You can establish a POD designation on a new account or add beneficiaries to an existing checking, savings, money market, or CD account at any time:
Visit or Contact the Bank: Stop by any branch location or message our support team to request a Beneficiary Designation form.
Provide Beneficiary Details: For each individual designated, you will need to provide:
Full legal name
Date of birth
Social Security number (SSN) or Tax ID (TIN)
Current mailing address
Sign Updated Documentation: All account owners must sign an updated signature card reflecting the designations.
Note: If you designate multiple beneficiaries, the remaining balance is divided equally among them upon the passing of all primary account owners.
How Beneficiaries Claim Account Funds
Following the death of the account holder, designated beneficiaries can claim their portion of the funds by submitting the following items to our operations team:
A certified copy of the account holder's death certificate
Valid government-issued photo identification (driver's license or passport)
The decedent's Hingham account number(s)
Completed and signed claimant disbursement forms
Once documentation is validated, funds will be distributed directly to each beneficiary without requiring probate court approval.
Important Considerations: Payable-on-Death designations transfer deposit assets directly, but they are not a substitute for comprehensive estate planning or a formal legal will. POD accounts do not protect assets from lawful creditor claims during your lifetime or against estate obligations. Please consult an estate planning attorney or tax advisor for guidance on complex estate arrangements. Totten trusts are not a substitute for a will.