UTMA (Uniform Transfer to Minors Act)
UTMA is a type of trust officially recognized under Indiana law, where an individual can transfer money or other assets to a minor under the age of 21 without requiring an attorney's assistance to set up the trust. These transfers or gifts are irrevocable, meaning they are permanently given for the benefit of the minor and the grantor (the person who is giving the gift) cannot reverse or change the gift in the future. Typically, a custodian is named by the grantor and is responsible for using the funds or other assets for the benefit of the minor until they reach 21 years of age. The grantor and the custodian can be the same person. It is the custodian's fiduciary responsibility to control the funds and spend them appropriately. Eli Lilly Federal Credit Union now offers account services to the trust (Either the minor OR the custodian needs to be eligible for credit union membership.) 

Representative Payee
A representative payee is an individual who has been named by the Social Security Administration as the caretaker or fiduciary agent for someone who receives benefits from the Social Security Administration. The person receiving the benefits is called the "recipient" and is someone who is unable to take care of their own finances. The credit union is allowing individuals within our field of membership to open accounts as representative payee accounts (Either the recipient OR the rep. payee needs to be eligible for credit union membership.)

Guardianship
A guardian is an individual who has been named as a caretaker and fiduciary agent by a court of law or by a legal instrument (e.g. will) for another individual usually referred to as a "ward". The guardian is responsible for spending the funds appropriately for the ward. The credit union is allowing individuals within our field of membership to open accounts as guardian accounts (Either the ward OR the guardian needs to be eligible for credit union membership.)

For more information about the aforementioned accounts, please contact our Special Accounts Administrator, 317.524.5016 or 800.621.2105 ext 5016, or kchristison@elfcu.org.