Revocable Living Trust
A trust is an account that allows a third party (or trustee) to legally hold and control a member’s assets in the event of the member’s passing.
When a member sets up a trust, they can arrange precisely when and how the trustee will pass on those assets to the member’s selected beneficiaries after the member has passed away. There are many different types of trusts; VyStar offers revocable living trusts, which you may change as your wishes or circumstances change during your lifetime.
For living trust accounts, you may use all types of deposit accounts (savings, checking, certificates, etc.). IRAs, HSAs, Business Accounts and loan accounts are not eligible as trust accounts at VyStar Credit Union.
The trust must be created and administered under Florida law. Irrevocable, Gun Trusts, Land Trusts, Special Needs Trusts, Quick Income Trusts or Amendable Trust Accounts cannot be opened at VyStar Credit Union. In order to open a living trust account, several documents must be presented including the following:
- Certified Copy of Trust Instrument by Attorney form
- a copy of the first page and notarized signature page(s) of the trust
- a Membership Application to change the ownership of the account to the trust
- a copy of the successor trustee page of your trust naming the successors
Depending on the circumstances, other information may be necessary.
| Benefits of a Trust Account |
| Distribute Assets Efficiently |
You decide exactly when and how the trustee will distribute the assets of your estate to your beneficiaries, and you can have peace of mind knowing that your affairs will be handled according to your wishes. |
| Avoid Probate |
When you establish a living will, it is required that your estate go through probate, which is the required legal process that establishes the validity of your will and distributes your assets to your beneficiaries through a series of court proceedings. These proceedings can usually cost between 5% and 7% of your estate.
Trusts do not go through probate, which means your assets will likely be distributed to your beneficiaries more quickly and inexpensively. |
| Keep Your Information Private |
Unlike a will, which is considered public record, a trust is not a public legal document. This means that asset distribution will be executed privately, and your personal information will be kept private as well. |
| Protect Your Estate From Legal Action |
A trust better protects your estate in the event that someone is unhappy with the distribution of your assets and takes legal action to challenge it. |