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We can help you provide for and protect your family with Trust Services. We’ve contracted with Members Trust Company to offer you trust and fiduciary services.* Now, you have a resource to:
  • help you crystallize your estate planning goals
  • connect you with local attorneys to draft or update your estate plan
  • serve as corporate trustee, ensuring the smooth transfer of hard-earned assets
Who is Members Trust Company
Members Trust Company is the first national trust company that is owned and committed to credit unions, sharing the same member-centric values of credit unions since it was founded in 1987; they step in when you need them most, providing you with important products and services to help manage your trust or estate plan.

If you or a loved one want to replace a current corporate trustee or you’re personally serving as a fiduciary but you want to tap into the resources of an institutional trustee, EECU and Members Trust Company can help. Right now. Schedule a complimentary, no-obligation meeting, today!*

* Trust services provided by Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. Information in this website is for general illustration and informational purposes only and is not intended to provide specific legal or tax advice. For specific legal or tax advice, please consult with your attorney and/or accountant.
 

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Who can benefit from a corporate trust?

  • Loved One with Special Needs
    Loved One with Special Needs
    Individuals with loved ones with special needs must plan carefully to preserve eligibility for government benefits.
  • Blended Families
    Blended Families
    Married couples with kids from a previous relationship must plan carefully to protect biological kids from disinheritance.
  • Irresponsible Loved Ones
    Irresponsible Loved Ones
    Restrict trust distributions, reducing the likelihood that loved ones will squander inheritance.
  • Baby Boomers
    Baby Boomers
    Without an estate plan in place, a judge will decide who will take control of assets in the event of incapacity.
  • Those With No/Distant Kids
    Those With No/Distant Kids
    Individuals who live far from loved ones must plan ahead to ensure financial affairs are managed upon death/incapacity.
  • Families With Young Kids
    Families With Young Kids
    Individuals with minor children can appoint a guardian for these children in a Last Will & Testament.

Understanding Trust Services

We know that trust services can be overwhelming! That's why we're providing you with videos that provide important program details.

Revocable Living Trust

A Revocable Living Trust is a legal document that sets forth the way in which you want your assets to be managed and distributed upon your death or in the event of your incapacity. Play the video to learn more.

Loved ones with special needs

Do you have a loved ones with special needs? This video will go over important steps to protect their ability to continue receiving government benefits.

Trusteed IRAs

If the bulk of your life savings is in your retirement account, you may be wondering what should happen to the balance upon your passing. With a Trusteed IRA, you can prevent loved ones from squandering their inheritance and create a plan in the event you become unable to manage your own finances.

Frequently Asked Questions

Still have questions? Here are answers to common concerns we hear.

  • How does a trust work?
  • What is probate?
  • Why not just a will?
  • Why designate Members Trust Company as your back-up trustee?
  • Why designate an institution as your back-up trustee?

How does a trust work?

Generally, an individual creates and funds the trust (“grantor”), and names himself or herself as both the trustee and sole beneficiary for his or her lifetime. The grantor also names a back-up trustee, as well as the beneficiaries who will receive any assets that remain in the trust at the grantor's death.

To ensure that the trust fulfills its objectives, the trust must be funded after it is created. Funding the trust means transferring legal title from the grantor into the name of the trust. The grantor continues to manage trust assets during his or her life.

In the event the grantor becomes incapacitated (e.g., from illness or injury), the successor trustee can immediately step in to take over the management of the trust on the grantor's behalf, avoiding the need for the grantor's spouse or other family members to petition the court to appoint a conservator.

At the grantor's death, the successor trustee steps in and carries out the grantor’s wishes as set forth in the trust document, bypassing the probate process. This can save time and money, and can minimize some of the burden of settling the grantor's estate.

What is probate?

Probate is the court-supervised process of administering a deceased person’s estate; this process generally involves collecting a deceased person’s assets, paying debts and taxes and finally distributing remaining assets to heirs. Probate varies by state and even county to county. But certain things are universally true.

Public Process. Probate is a public process. Your will is recorded in public records. If you don’t have a will, a list of your heirs is recorded publicly. That means unsavory salesmen can and do comb probate records to find out who is about to inherit money.

Time Consuming. Most jurisdictions have set timeframes that your executor must wait before distributing money to your heirs/beneficiaries. This protects your creditors and can result in your money sitting in limbo for a year after your death before your family can access it for their needs.

Can be Expensive. While court fees and probate taxes are generally reasonable, they are still an extra cost to your estate that erode the amount your loved ones would otherwise receive. All too frequently, your heirs or executor have to pay out-of-pocket because they do not have access to your money until after probate has been officially started by the court. Additionally, most probate processes require the assistance of an attorney to file and navigate, resulting in an additional cost that can be expensive depending upon the size and complexity of the probate estate.

Why not just a will?

A will is an important estate planning tool, which is also typically drafted in connection with a trust. The drawback of planning with only a will is that a will’s power only takes effect upon your death. In other words, a will cannot help you plan ahead for incapacity. So, if at some point you become unable to make your own financial decisions, your will cannot help you. A trust, on the other hand, does double duty; whoever you select to serve as your back-up trustee can step into your shoes and carry out your wishes in the event of your death or incapacity.

Why designate Members Trust Company as your back-up trustee?

Guided by the strength and values of America’s Credit Unions, Members Trust Company was formed to provide investment management, trust administration and estate settlement services to credit union members and private clients with estates large and small—delivering objective advice, competitive results and the personal attention everyone deserves, including you.

Why designate an institution as your back-up trustee?

Objectivity. Losing a loved one is an emotionally painful experience that can have a real effect on the mind and body. Studies show that grief interferes with the ability to think clearly, to make decisions and problem solve. A corporate trustee has the emotional wherewithal to handle legal and financial matters and communicate effectively to beneficiaries.

Family Harmony. If you’re like most people, you want your loved ones to get along better after you’re gone, not worse. But the loss of a loved one produces strong emotions. If you layer legal complexity and financial stressors on top of grief and sorrow, it can fuel family conflict. An institutional trustee is fair, objective and staffed with legal and investment professionals who have a legal duty to act in the best interest of your beneficiaries.

Peace of Mind. One benefit of a revocable living trust is the ability to bypass the probate court process, but it also means there will be no checks and balances on your successor trustee to protect against the risk of good faith mistakes. A corporate trustee is regularly audited to ensure appropriate policies and procedures are in place to ensure proper trust administration.

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