Bank of america payable on death form 2025

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The document is a Beneficiary Distribution Election Form for Traditional and Roth IRA plans from Bank of America. It outlines the necessary information required from both the deceased depositor and the beneficiary, including personal details, distribution options, tax withholding elections, and instructions for submitting the form. The document emphasizes compliance with the USA PATRIOT ACT and advises beneficiaries to consult a tax advisor before making distribution elections.

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Click ‘Get Form’ to open it in the editor.
Begin by filling out the 'Deceased Depositor Information' section. Enter the deceased's name, Social Security Number, Date of Birth, Plan Number, Date of Death, and select the Plan Type (Traditional IRA or Roth IRA).
Next, complete the 'Beneficiary Information' section. Provide the beneficiary's name, Social Security Number, daytime telephone number, date of birth, relationship to the depositor, and physical address. Ensure all information complies with USA PATRIOT ACT requirements.
In the 'Distribution Instructions' section, select one payment option for how you wish to receive proceeds. Options include Lump Sum Distribution or Life Expectancy Payments. Make sure to choose only one option.
Fill out the 'RMD Payment Instructions' if applicable. Select your preferred frequency for Required Minimum Distributions and specify a start date.
Complete the 'Tax Withholding Election' section by indicating your preferences for federal and state tax withholding.
Finally, review all entries for accuracy before signing and dating the form at the bottom.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Where can I get a payable on death form?

If your bank doesnt allow you to make a POD designation online, go to your banks local branch and ask for a form to name a POD beneficiary. When you give the completed form to the bank, youre all set.

Where do I get a payable on death form?

You, as the principal, must accompany the agent to a financial center and provide a list of account numbers to which you want the agent to have access (a form must be completed for each account). You and the agent must provide valid and unexpired IDs, one of which should be a government-issued photo ID.

How do I set up a payable on death?

Cons of Payable on Death Accounts Another con is that you might not be able to change the beneficiary of a POD account once you name someone. So if they pass away before you do and there are no other beneficiaries named to follow after them, the account would be subject to the normal probate process.