What is a Trust?

Important Trust Account Information

• You must already have a trust established to open a trust account or policy.
• A trust account or policy can be registered in the name of a trust (living, family, charitable, or other).
• Trust accounts or policies are often set up to help meet financial needs for family members or for charitable reasons.
• If you set aside funds for a child or grandchild in a trust account or policy, that child will be able to access the funds based on the conditions in the trust document (for example, when he or she reaches a certain age).

Types of Trusts

• An irrevocable trust generally can't be modified or terminated without the permission of the beneficiary and/or judicial authorities. It may be useful for federal estate tax planning.
• A revocable living trust generally lets you transfer ownership of your property into a trust throughout the course of your lifetime. It gives you more control over your estate, both before and after death.
• A testamentary trust is generally created by the terms of your will and goes into effect upon your death. It can't be amended or revoked.
• A special needs trust is created to provide supplemental income for the welfare of an individual with a disability. The trust can supply funds for travel, education, out-of-pocket medical expenses, and personal care expenses not covered by government programs.