A Revocable Living Trust is a trust established during your lifetime. It is amendable, which allows you to make changes (something that may occur several times during the course of your lifetime) and revocable, which allows you to terminate the trust at any time. You will transfer most, if not all, of your investable, non-retirement plan assets into your living trust. Any omitted assets can be transferred into the trust at your death through the use of a brief pour-over will.
A Living Trust will be used to assist you in the management of your property during your lifetime, as well as provide how your assets, and the income earned by the trust, are distributed at your death. If you should become incapacitated or disabled, we as co-trustee will be there to manage your financial affairs. A living trust is not subject to probate (a costly, time consuming process), and all provisions of the trust will remain private.
Quite often couples create joint living trusts. With proper tax planning, spouses can combine their assets into a single trust, governed by a single trust agreement. If the spouse who has been managing the investments dies first, the trust can be a smooth transition for the surviving spouse. Not only will he/she need investment advice, but the probate process will have been avoided.
Non-deposit investment products available through MEMBERS Trust Company are not deposits of or guaranteed by the trust company, a credit union or credit union affiliate, are not insured or guaranteed by the NCUA, FDIC or any other governmental agency, and are subject to investment risks, including possible loss of the principal amount invested. MEMBERS Trust Company, owned and managed by America's credit union's, is a special purpose federal thrift chartered and regulated by the Office of the Comptroller of the Currency.