Make your plans easier.

Introduction

Planning your inheritance? Open a simple beneficiary account* at your local branch.

Convenient options include:

  • Totten Trusts (simple trusts)
  • Funeral Trusts
  • Custodian Accounts (UTMA)
  • Representative Payee Accounts

Unlike a formal will or legal trust, these accounts conveniently skip the attorney fees and lengthy probate – giving you more flexibility and control over your finances.

Plus, adding joint owners and beneficiaries to certain accounts may help to extend your share insurance limit past $250,000!

To get started, stop by your local branch or give us a call at 800.242.2120.

 

Looking for estate planning?

Our Trust and Estate Department offers trust products and estate services in partnership with Members Trust Company. Click here for details.

grandpa, son and grandson

About the accounts

Beneficiary Accounts (Totten Trusts)

You can use this simple trust account to help define and disperse your inheritance to a revocable beneficiary without the need for legal probate. The beneficiary can only access the funds in the event of the trustee’s passing. Until that time, the trustee owns the funds and can deposit, withdraw, or even close the account at will.

Funeral Trust Accounts

Setting money aside for funeral expenses has never been easier. In the event of the trustee’s passing, we’ll send the account balance to the funeral home or service provider named as beneficiary. If plans change or the trustee decides to withdraw the funds, it’s no problem – like Totten Trusts, our Funeral Trusts are revocable.

Custodian Accounts (UTMA)

An ideal way to secure funds for minors, these trust accounts are managed by a custodian, usually a family member or guardian, who will transact on behalf of an individual under the age of 21. Regulated by the Uniform Transfer to Minors Act (UTMA), custodial accounts are irrevocable, designed to protect the minor’s rights as beneficiary. So, although the custodian is the only person who can transact on this account, all deposits are considered gifts and withdrawals must benefit the minor.

Representative Payee Accounts

As a form of caretaking or support, a representative payee manages this type of account, handling payments or income, such as Social Security benefits, on behalf of a beneficiary. All funds in this type of account belong to the beneficiary, but only the custodian can make withdrawals. However, while most trust products are limited to savings accounts, a Representative Payee could include a checking option and Debit Card, too.

Additional Information

Whether you’re planning on behalf of your loved ones or for your own peace of mind, we’re here to help. Get started at your local branch or call our Contact Center at 800.242.2120.

 

This page is for informational purposes only and is not intended to provide legal or tax advice. For related advice, please consult an attorney or tax professional.
 

*Visions membership may be required with $1 minimum balance. Certain membership eligibility requirements apply; ask for details. Additional restrictions and regulations may apply to specific account types. Details available upon request. Federally insured by NCUA.

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