Trust accounts are set up to ensure that after you’re gone, your assets are distributed the way you see fit. Even if you already have a will, your assets may face costly probate fees before they’re distributed to your family and other beneficiaries. With a trust account, your loved ones will get access to the funds with much less hassle. Here are just a few reasons why a Trust Account may be a great fit for you:
- Perfect account for estate planning
- Available with savings, checking and certificate accounts
- No maximum balance limit
- Protect your assets from probate and estate taxes
- Deposit is insured up to $250,000 by NCUA
Trust accounts are a great way to plan for the future, but before you open an account there are a few details you’ll need to iron out:
1. Establish a formal Trust– If you haven’t already, speak with a financial professional or estate attorney to go over your options. They’ll guide you through the different types of Trusts and help you find the one that best suits your needs. Please keep in mind that Interior FCU can establish an account for any member’s Revocable Living Trust.
2. Gather your documents– We’ve made setting up an account in the name of a Trust as simple as possible. You can easily apply online, and we’ll have you upload pages from the Trust agreement along the way to complete your application. We’ll need copies of:
- The pages describing the Trust, including the formal name of the Trust, Grantors and Trustees
- The notarized signature page with Grantor and Trustee signatures
- Any amendments to the original Trust
- Pages with Trustee powers and provisions related to incapacity or death of a Trustee
- Page listing the beneficiaries who will receive the funds if the Grantor of the Trust passes away
- Copies of each of the Trustees ID (Driver’s license, state ID, Passport)
3. Apply for an account online– Once you have completed the above steps, you are ready to open an account. Click the Apply button at the top of the page and get started.
Note: If the Grantor and the Trustee are the same person, please give us a call at (800) 914-8619 so we can best accommodate your request.