A Trust is an account that allows you to leave your money to a beneficiary and still have control over how the money will be put to use. It lets you designate how and when the beneficiary receives the funds and can protect the money from creditors. Family First Federal Credit Union offers two different types of trusts to fit your financial needs.
A Revocable Trust is a trust that can be changed any time while the owner is still alive. Revocable Trusts may help beneficiaries avoid probate and court fees during the settlement of an estate. A Revocable Trust typically becomes an Irrevocable Trust after the death of the owner.
An Irrevocable Trust is a trust that cannot be changed or revoked after it has been created or is a revocable trust that has become irrevocable due to the death of the trust owner. An Irrevocable trust must have its own Federal Taxpayer Identification Number.
All Certificates of Trust must be completed by an attorney for Revocable and Irrevocable Trusts.