Trust Accounts
SVFCU offers Trust accounts because we care about your long-term financial plans and goals.
Deposit Trust Accounts
- Often used by our members to pass their savings on more easily to loved ones.
- The Trustor (party establishing the Trust) must be eligible for membership at SVFCU. The first step is to establish the Legal Trust, usually with the aid of your attorney. Then, a standard SVFCU membership application will need to be completed, including the Trust section at the bottom. A copy of the Trust Agreement must be presented at the time of account opening.
- Trust Accounts may include share savings, checking and/or share certificates. IRAs and loans may not be included in a Trust account. Please consult an attorney for details and advice on how to establish your Legal Trust.
In-Trust-For Accounts
- No attorney needed.
- Do you want to leave your money to a specific person? An “In-Trust-For” account allows you to choose.
- It is an account you have access to while you are living. If something would happen to you, your money would go to the person the account was In-Trust-For. That person would just need to provide us with a death certificate.
