Trust Account Summary

Members who have established a grantor revocable (commonly titled a living or loving)  trust may open memberships in the name of the trust and take advantage of some of the products and services we offer. (Members CANNOT have an IRA on a Trust Account.)

Note: As an extension of the USA Patriot Act, we are required to collect the following information when opening a personal (Living) trust account:

• Copy of the first and last page of the trust document, plus the signature page initiating the trust if not included on last page.
• Copy of the portion of the trust document identifying the Grantor, trustee(s) and successor Trustees.
• Acceptable identification for the Grantor / Trustor, Trustee, and Successor Trustees
• Trust Certification document must be used when opening a trust account.

Advantages
Allows members who have established a trust to invest some or all of the trust's assets in Oregonians CU and take full advantage of CU products and services.

System Ownership Format

• Last Name: Trust
• First Name: Smith Living (or John Smith Living)
• SS#: May be members or may be specific to trust.  See Trust Certification
• Scan to Document Storage System: Trust Certification and appropriate trust pages.

Eligibility

• Trustee(s) must be age 18 or older.
• The trust, trustee(s), Successor Trustees and beneficiary(s) must be residents or resident aliens of the U.S. or one of its territories.
• Trustor / Settlor / Grantor / Creator must be a member or eligible for membership.

Product, Services and Setup Issues

• All of the standard products and services are available under the trust ownership-except IRA's
• Checks deposited to the trust should be made payable to the trust.  In most cases, we will maintain a separate membership for the Grantor/Trustor in order to allow deposits of checks made payable to them with subsequent transfer to the “Living Trust” ownership.
• The member may want to consider a POD designation on personal accounts with the trust as beneficiary to allow seamless transfer to the Living Trust upon their passing.
•  Member may also want a “Durable” Power of Attorney on Personal accounts

Secure Online Account Access

• Living Trust memberships may take advantage of online services.
  • View account balances 
  • Conduct online transactions 
  • Online Bill Pay
  • And more…
• It is VITAL that we use the Trust Certification documents when opening a trust membership