Trust Accounts
Protect your money
What is a Trust?
A trust is a legal arrangement in which one party (the trustor or grantor) transfers assets to another party (the trustee) to be held and managed for the benefit of a third party (the beneficiary). The trustee holds a fiduciary duty to manage the trust assets in accordance with the terms set forth in the trust document .
Key Roles in a Trust
- Trustor (Grantor/Settlor): The individual who creates the trust and transfers assets into it. The trustor defines the terms of the trust, including how and when assets will be distributed.
- Trustee: The person or entity responsible for managing the trust assets according to the trustor’s instructions. The trustee has a fiduciary duty to act in the best interests of the beneficiaries.
- Beneficiaries: The individuals or entities who receive benefits from the trust, either during the trustor’s life (if it’s a living trust) or after their death (if it’s a testamentary trust).
- Successor Trustee: The Individuals that take over once a trustee passes away, resigns or can no longer act as a Trustee.
Open a Trust Account
Here’s how to get started.
To open a credit union trust account, you’ll need to provide the following documents:
- A copy of the certification of trust
- Tax Identification Number (TIN) or Employee Identification Number (EIN) assigned to the trust.
- Identification for trustees
Book an appointment with one of our specialists. During this time, we’ll determine membership eligibility, review documentation, and discuss your needs to ensure the account is set up correctly.
Once all documentation is reviewed and approved, we’ll open your trust account, and you’ll receive details on how to manage and access it.
If you need to update the trust account:
- Amendments: A Trust Amendment must be provided for any changes to the trust account. An appointment is required to process this change.
- Restatements: If the trust has been restated, a notarized Certification of Trust referencing the restatement is required. Please schedule an appointment to complete this process.
Open a New Trust Account
Please schedule an appointment below to chat with a specialist on our team.
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Disclosures
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The information provided on this webpage is intended for general informational purposes only and should not be construed as legal advice. While we strive to provide accurate and helpful information, the processes and requirements for managing a Trust can vary depending on individual circumstances and state laws. Please note that the documents submitted for these processes will be reviewed and, depending on the specifics of your situation, could be rejected if they do not meet legal or regulatory requirements. We strongly recommend consulting with a qualified legal professional to address your specific situation and ensure that all legal obligations are met. Our credit union staff is here to assist you with the administrative aspects, but we cannot provide legal counsel or advice.