Your credit union offers revocable trust-owned accounts. The "Grantor" or Trustmaker must be within the credit union's field of membership. The purpose of a trust is to manage the grantor's property before and after death or if you become incapacitated, as well as to provide how the assets and income earned by the trust will be distributed to the trust beneficiaries after the grantor's death. A revocable trust allows for the grantors to make changes during their lifetime. The benefits of a revocable trust are: 

• Avoids Probate 
• Privacy 
• Flexibility 
• Grantor pre-selects successor trustee 
• Trusts are harder to contest than wills 

When opening or to re-title your membership in a revocable trust complete a Trust Account Application and return the following supporting sections of the trust document:

• Complete name of your trust 
• Name of the Grantor(s)      
• Name of the initial Trustee(s) 
• Statement/terms of the revocability of your trust 
• Signature pages 
• Successor Trustee(s) 
• For loan purposes, it is important that we obtain the section of the trust document that indicates the powers of the trustee 

Your credit union does not manage trusts or create trust documents but can refer you to an Attorney, if needed. We may be able to accept some irrevocable trusts. please contact our Special Accounts Administrator, 317.524.5016 or 800.621.2105 ext 5016, or kchristison@elfcu.org.