Specialty Accounts

What is a Trust Account?

A trust account is a legal arrangement where a third party, called the trustee, manages assets for the benefit of another party, called the beneficiary.

What do I need to do to open a City & County Trust Account?

Credit unions are required to establish a new account to hold the assets owned by the trust - even if a trustee already has an account with us. Another option would be to add the trust as the beneficiary (Payable on Death/POD) to the existing accounts with the credit union. 

When you are ready to open your trust with CCCU, you will be asked to provide the following.:

• A Certificate of Trust (a summary of the trust)
• A Tax Identification Number (this could be the Social Security Number of the person(s) creating the trust)
• Identifying information for the trustee(s)

City & County cannot be listed as a trustee on the account as the credit union is acting only as a depository for the funds. Any decisions concerning management of the funds are made by the trustees and co-trustees.

What are the different roles on the account?

• Trustee/Co-Trustee – Manages the trust’s assets and carries out rules of the trusts.
• Successor Trustee (not required) – Takes over the trust’s management if the original trustee can no longer fulfill their duties. 

What is an Estate Account?

An estate account is a temporary bank account (usually lasting only a year to 18 months) that collects and distributes a deceased person's property. It is used to pay any debts owed and provide funds to beneficiaries. 

An estate account is established in the probate court where an executor or administrator is appointed. The appointed representative manages the deceased's property and the estate account. 

What do I need to do to open a City & County Estate Account?

When you are ready to open the estate account at CCCU, you will need to provide the following:

• Documents from the court appointing you as the executor/administrator
• An official death certificate
• The Tax Identification Number of the estate
• Identifying information on the executor/administrator 

For an Estate Account, the deceased must have been eligible for credit union membership prior to death.  Review CCCU’s membership eligibility guidelines.

What are the different roles on the account?

• Executor – Responsible for managing the financial affairs of a deceased person’s estate. 

What is an UTMA Account, also known as a Custodial Account?

A Uniform Transfer to Minors Act (UTMA) account is an account to hold funds for a minor until they reach the age of majority. The account allows a designated adult, called a custodian, to manage funds for a minor until the minor reaches the age of majority in their state. In Minnesota, the age of majority is 21 unless the UTMA is required as part of a court settlement. 

Only one custodian may be designated for the UTMA. A successor custodian may be named to allow continued management of the funds if the original custodian is no longer able to perform their duties.  

What do I need to do to open a City & County UTMA Account?

When you are ready to open an UTMA account at CCCU, you will need the following:

• Tax Identification Number of the minor
• Identifying information for the custodian 

City & County is under no obligation to monitor the use of funds.

What are the different roles on the account?

• Minor/Owner of the Funds – The minor the account is opened for.
• Custodian – Responsible for managing the account’s money in the minor’s best interest. 
• Successor Custodian (not required) - Takes over the UTMA account if the original custoidan can no longer fulfill their duties.