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Revocable Living Trust
This is a type of savings account established to prevent your estate from going to probate court upon your death. Ownership of the account is changed from an "individual" owner to that of an "entity." That is, your assets are essentially renamed and put in the name of the Trust. The entity or "Trust" becomes the account holder and as such may take advantage of any other product or service available to an individual account holder, i.e. loans, checking, Command Call, Money Market, etc.
Trust funds are controlled by the named trustee or trustees. You must go through an attorney to set up a Trust account. All trustees must be eligible for Credit Union membership in their own right. All assets defined by you must be converted to the Trust. IRA's may be included as part of a Trust account if the Trust is named beneficiary of the IRA. The IRA itself remains in the name of the owner in compliance with federal regulations.
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