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Types of Trust Accounts

Bank/Credit Union Accounts, Safe Deposit Boxes
Bank/Credit Union Accounts, Safe Deposit Boxes

Keep your valuables safe in our vaults with a safe deposit box. While electronic conveniences are important part of what we provide customers, we understand that traditional services, such as safe deposit boxes, play an important role for customers, too.

Business Interests, Intellectual Property
Business Interests, Intellectual Property

Generally, assets you want in your trust include real estate, bank/saving accounts, investments, business interests and notes payable to you. You will also want to change most beneficiary designations to your trust so those assets will flow into your trust and be part of your overall plan. IRAs, retirement plans and other exceptions are ...

Grantor Trust
Grantor Trust

The Grantor in a Trust is the person with the bucks. In other words, the Grantor of a Trust contract is the owner of the asset(s) which could be any asset from personal residential real estate to stock accounts to business or partnership assets and anything else of monetary value.

Investments (CDs, Stocks, Mutual Funds, etc)
Investments (CDs, Stocks, Mutual Funds, etc)

Depending upon the restrictions in the trust instrument and documents, it would otherwise look like a normal brokerage account. It could buy stocks. It could purchase mutual funds. It could trade ETFs. It could hold REITs. You could open the trust account directly with a mutual fund company such as Vanguard.

Irrevocable Living Trust
Irrevocable Living Trust

An irrevocable trust account is a deposit account titled in the name of an irrevocable trust, for which the owner (grantor/settlor/trustor) contributes deposits or other property to the trust, but gives up all power to cancel or change the trust.

source: fdic.gov
Life Insurance (or use Irrevocable Trust)
Life Insurance (or use Irrevocable Trust)

An irrevocable life insurance trust (ILIT) takes ownership of your life insurance policy so the proceeds don't become part of your taxable estate. An irrevocable life insurance trust (ILIT) takes ownership of your life insurance policy so the proceeds don't become part of your taxable estate.

Minor's Trust
Minor's Trust

An in-trust account is an informal trust so that an adult can invest funds on behalf of a minor. The account is set up in-trust because the child is under the age of majority and cannot enter into a legal binding contract.

Notes Payable (Money Owed to you)
Notes Payable (Money Owed to you)

Accounts payable is the money which a company or a person owes to its creditors. Creditors are people or organizations from whom a company or person has purchased goods or services but has not made the complete payment yet.

source: quora.com
Real Property (Home, Land, Other Real Estate)
Real Property (Home, Land, Other Real Estate)

This will allow the real estate to be distributed to your trust beneficiaries without going through probate. Read your property deed to confirm your ownership structure. Selling Property in Your Trust. You can still sell property after you transfer it into a living trust. The first and most common approach is to sell the property directly from the trust. In this case, the trustee of the trust (most likely, you, as trustee) is the seller.

source: legalzoom.com
Revocable Living Trust or Inter Vivos Trust
Revocable Living Trust or Inter Vivos Trust

Generally, a revocable inter vivos trust (sometimes called a "revocable living trust") is a written agreement between the individual creating the trust (who is commonly known as a "Settlor," "Grantor," or "Trustor") and the person or institution that is to manage the assets held in trust (commonly known as the "Trustee").

Testamentary Trust
Testamentary Trust

A testamentary trust is a legal and fiduciary relationship created through explicit instructions in a deceased's will. A testamentary trust is a legal and fiduciary relationship created through explicit instructions in a deceased's will.

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