A Trust is a fiduciary relationship where one person (the Trustor) holds the title to a property (the trust estate or trust property) for the benefit of another (the beneficiary). A Trustor, who also owns the funds in this account, establishes the Trust.¹
Details
Requires a legal trust agreement – Account is established by a Trustee(s) who may or may not also be a Trustor(s).
1. A BCU Savings or Checking Account – can be set up as a Trust Account.
2. Only the Trustees may transact on the trust – The beneficiary has access to the funds, through the Trustee, only
upon the death of the Trustors.
3. Membership Eligibility Requirements – apply to Trustor(s) of a revocable Trust and Trustors or Beneficiary(s) of
an irrevocable Trust.
4. Credit Card – can be issued in the Trustee’s names only.