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TRUSTS

A trust is a way to establish peace of mind about how your assets will be managed, now and in the future. Opening a trust allows a third party (a trustee) to hold and direct assets in a trust fund on behalf of a beneficiary, greatly expanding your options when it comes to managing your estate and assets.

Visit your local branch to open a trust or call us toll-free at 800.936.7730 (U.S.) or 00800.4728.2000 (Int’l).

Formal

Formal revocable trusts are known as living or family trusts. They are written trusts created for estate planning purposes. The owner controls the funds and other assets in the trust during his or her lifetime. The trust agreement establishes that the funds are to be paid to one or more identified beneficiaries upon the owner’s death. The trust is considered irrevocable upon the owner’s death, at which time the funds are disbursed in the name of the trust and presented to the Successor Trustee for handling.

  • Grantor(s) must meet field of membership requirements
  • The account would not be subject to probate
  • First and signature page of your trust document or the Certificate of Trust is required
  • Formal Written Revocable membership application required

Payable On Death

Payable on Death (POD) accounts are often called informal revocable trusts, in trust for (ITF) or as trustee for accounts (ATF). They are created when the account owner signs an Account Agreement that designates one or more beneficiaries. This agreement directs the credit union to transfer the funds in the account to one or more eligible named beneficiaries upon the owner’s death.

  • Account holder must meet field of membership requirements
  • Account is opened in your name
  • The account would not be subject to probate
  • Payable on Death trust membership application required