Trusts
What is a trust?
A trust is an estate planning tool that lets you set aside assets such as money, property, and investments, for the benefit of another person or group, called the beneficiary. A trustee, usually a neutral third party person or organization, manages and distributes these assets according to rules set by the trust creator.
Trusts are often created to provide protections for a trustor’s assets while they’re alive and after they’ve passed away. There are a variety of reasons a person might open one. Some use trusts to protect their wealth so it can be passed down to their loved ones. Others create a trust so they can donate their assets to charity. Assets properly titled in a trust generally avoid probate, which can help maintain privacy and simplify the administration of an estate.
Compare the two categories of trusts:
Revocable Trust
- Can be changed while the creator of the trust is alive
- Can protect privacy by avoiding probate for assets held in the trust
- Enables seamless distribution of assets after trust creator’s death
Irrevocable Trust
- May help protect assets from certain creditor claims
- Can protect privacy by avoiding probate for assets held in the trust
- May provide estate planning and tax-planning benefits when properly structured
- May support long-term Medicaid-planning objectives, depending on the trust design and applicable law
Trusts are often set up with the help of an estate planning attorney or through a reputable online trust service. Although CCU does not provide trust services, we would be happy to help you set up an account under an existing trust.
Get started with a trust account.
Eligibility Requirements
A Membership Savings Account is required to be opened for the creator of the trust. Call us or visit us at a branch to become a member and open a trust account today!
Required Documents
You’ll need the following to open a trust account:
- Key pages from a trust or Affidavit/Certificate of Trust containing the trust name, name(s) of grantor(s), name(s) of trustee(s), conditions for succession, Trustee(s) Powers Clause, and signature page.
- The Tax Identification Number (TIN)
- A valid government ID for the grantor(s) and the trustee(s)
Eligible Account Types
Most of our checking, savings, and certificate accounts are eligible to be added or converted to a trust. For more information on eligible account types, please call us or visit us at a branch to learn more.
Frequently Asked QuestionsTrust FAQs
Protecting your assets is a critical step in financial planning. We’ve made it our mission to be there every step of the way.
What are the two primary trust categories?
The two primary trust categories are:
- Revocable Trusts—these flexible trusts allow for changes during the trust creator’s lifetime.
- Irrevocable Trusts—these trusts are immutable and may protect assets from creditors and estate taxes, depending on the trust design and applicable law.
How do I open or convert a trust account?
You may open a new trust account or convert an existing account to a trust by:
- Visiting any of our branch locations
- Calling us at 877.275.2228
Where can I view my trust accounts?
You may view your trust accounts alongside non-trust accounts in Digital Banking. Please note that adding or removing accounts from a trust must be done at one of our branch locations or over the phone.
Check out our Digital Banking page to register for or learn about Digital Banking.
How do I set up a trust?
Open or convert a trust account with us today.
Give Us a Call
Visit a Branch
Eligible AccountsFind the perfect account to set up under your trust.
Savings Accounts
At Consumers Credit Union, we have a variety of savings options for every stage of your financial life. Find the right savings account for your Trust.
Certificates
Our Certificate accounts are a safe, steady, and reliable way to save your money in a trust. Lock in a great rate and watch your savings grow.
4d785952a6056c049340ff030061ddfe.png?sfvrsn=147d35a8_3 "CCU_Compass_Grey (One-Line)")
Resources to review as you're planning your Trust.
-
End-of-Life Planning With a Trust
A carefully drafted trust can help protect your family and your legacy. Here are the basics you should know about this powerful estate planning tool.
-
Your Legal Guide to Establishing a Trust
Here are the steps you can expect an attorney to guide you through when establishing a trust to protect your assets and your heirs.
-
Getting Started with Estate Planning
Whether you are a college student, budding entrepreneur, or a new parent, estate planning can help you clearly communicate your wishes and put steps in place to safeguard your finances.