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Trust Accounts

Trust Accounts

Control funds for the benefit of another party, an individual, or group.

At a Glance

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).
A DCU Savings or Checking Account - can be set up as a Trust Account.
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.
Membership Eligibility Requirements - apply to Trustor(s) of a revocable Trust and Trustors or Beneficiary(s) of an irrevocable Trust.
Debit or ATM Card - can be issued in the Trustee's names only. (Upon Approval)
¹DCU cannot provide legal, tax, or estate planning advice. We suggest you discuss your particular situation with a tax consultant or advisor.   

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