Custodial Accounts
Maximize your child’s inheritance and jumpstart their savings.
Save on your child’s behalf.
If your child inherits a significant amount of assets before the age of 18, you’ve got quite a bit of planning to do. We’re here to help you invest in their financial security and prepare for an easy transfer when the time comes.
Open a Custodial Account with Lafayette Federal.
To open a Custodial Account, either the Custodian or Principal must be eligible for membership.
The following documents are required:
- Estate Accounts require a Grant of Probate (for an executor) or Grant Letter of Administration (for an administrator appointed where there is no will).
- Other accounts may or may not require legal documents, depending on the circumstances. If the custodian intends to deposit checks into the account made out to the principal, then we will need to ascertain that individual’s legal authority to do so.
Application Instructions:
- Download the Custodial Accounts Application (pdf format).
You may either print the application and complete it by hand or fill in the application electronically and print it after you have completed it. We require an original signature on the form. Please make sure your application is completed fully and legibly.
2. Write a check (payable to Lafayette Federal Credit Union) or provide cash (if applying in person only) for your initial deposit of at least $50.
3. Bring your valid government-issued identification and initial deposit to any credit union financial service center. Find a financial service center location near you.
We’re always here to answer your questions
The purpose of a power of attorney is to appoint an agent for the principal. The individual (or company) who executes it is the principal. The person the principal appoints to act on his behalf is called the attorney-in-fact. At the credit union, we refer to this as your “Convenience Person”.
While POAs may come in different forms, the Uniform Statutory Form Power of Attorney Act provides a uniform form (as the name implies) to be used for POAs that is straightforward and easy to understand. The principal simply initials the powers he/she wishes to bestow upon the attorney-in-fact and crosses through (or fails to initial) the rest. You may obtain this form from your attorney or via the internet.
In order for a power of attorney to remain in effect despite the subsequent incapacity or incompetency of the principal or the passage of time, it must be a durable POA. A durable POA is one that states that it shall remain in effect in those circumstances. If a POA is not durable, its effectiveness will cease when the principal is adjudged to be incompetent or incapacitated.
The principal may revoke the POA at any time for any reason. All powers of attorney terminate automatically upon the death of the principal. Any language quoted to the contrary will not extend the effectiveness of the POA beyond the principal’s death.
- Download the Convenience Person Application (pdf format).
You may either print the application and complete it by hand or fill in the application electronically and print it after you have completed it. We require an original signature on the form. Please make sure your application is completed fully and legibly. - This form should be completed by the Principal. If the Attorney-in-Fact asserts that the Principal is incompetent and unable to complete the form, the Attorney-in-Fact may complete it on behalf of the Principal.
Provide a copy of the Power of Attorney signed by the Principal and notarized. - The Convenience Person must bring valid government-issued identification to any credit union branch. Find a branch location near you.
All Convenience Person applications must be reviewed and approved by an authorized staff member. Please be aware that the Convenience Person will not be permitted access to the account until the application is approved.
We understand that this is an emotional time and can be very stressful. The information below is related to our role in the process of handling your loved ones’ financial matters. We also recommend you contact your financial and legal advisors for assistance.
While each situation is different and might require additional information, the most important documents that you will need to obtain are:
- Original certified Death Certificate
- Original certified Letters of Administration or Letters of Testamentary
To help you get started in this process, please call our Membership Engagement Team at (301) 929-7990. We are here to help.
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