As credit union members confront estate planning, they are often advised to consider a trust. One of the most common concerns that all financial institutions, including credit unions, seem to share is how to properly deal with a request for an account titled in the name of a trust.
Much of the confusion which arises comes directly from the lack of a clear understanding about trusts. What type of trust is it? Where does the authority for the trust come from? Who has the authority to control the assets titled to a trust?
At inception, a trust relationship is created when a trustee, be it an individual or an entity, is given control of an asset or an account, along with a duty to administer it solely for the benefit of and in the best interests of one or more designated beneficiaries.
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