Beneficiaries for Corporate Accounts
by Mary Beth Guard, BOL Guru
Question: We received a request today from an attorney to add a Trust as a beneficiary on a Corporation account. The account is titled as a Corporation/DBA with just two signers who I am assuming are husband and wife. Is there any further documentation, etc that we need to designate a beneficiary on a corporate account? Can you designate a beneficiary on a corporate account?
Answer: A beneficiary on a deposit account (other than a trust account) is someone who is set up to receive ownership of the funds in the account following the death of the account owner. The funds are "Payable on Death" (POD) to the beneficiary. It is not possible to have a POD beneficiary on any account other than an individual or joint account. A POD account is Payable on Death. A corporation cannot die. Besides, the authority for a POD account is set for in Title 6 of the Oklahoma Statutes at Section 901. As you will see, it only provides for POD beneficiaries to be named when a natural person is the owner of an account.
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