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:
Depending on the circumstances, other information may be necessary.