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
- Products Available for Trust Accounts: Savings, Checking, Money Market Accounts and Certificates
- 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. Interior Federal Credit Union currently accommodates Revocable Living Trusts. 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.
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 upload the necessary Trust documents to complete your application. We’ll need copies of:
- The entire Trust agreement or Certification of Trust.
- Any amendments to the original Trust.
- Copies of each of the Trustee’s 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.