Plan for the future of your loved ones.
No matter the size of your estate, you can take the proper steps to protect your assets and pass them on exactly how you imagine.
Uniform Trust to Minors
The perfect option for transferring cash or other financial assets to children who aren’t quite old enough to responsibly handle the assets. Whether you’re a parent or grandparent, you can establish a trust that your heir can access at the age of your choice.
As the most common type of Trust Account, your funds and assets are transferred to the named beneficiaries at the time of your death. You can create an account by simply indicating your intentions in the title of the account.
A Living Trust can be set up by an attorney, or by the individual(s) themselves (a Grantor/Trustor). Legal documentation, the Trust Instrument, must exist to establish a Trust Account. They are always created outside the credit union.
NOTE: The Credit Union does not have a Trust Department and is prohibited by law from acting in the capacity of Trustee. We will not accept legal liability for administering a Trust Account. We will only follow the instructions given to us on the documents opening the account with us.
- Download the Trust Account 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.
- 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.
- Bring your valid government-issued identification and initial deposit to any credit union financial service center. Find a financial service center location near you.
I joined LFCU when I was 16 years old as a dependent of a USAID foreign service officer. I opened my first savings account with money earned from part-time jobs. Since then there have been a lot of firsts with Lafayette including my first checking account, car loan and mortgage application. In a relationship that has spanned almost 4 decades, the country and the world, LFCU has supported me and my family with all of our financial needs. Thanks LFCU, I think I’ll be staying for life!Joanne M. Member for over 40 Years
A testamentary account in which the named beneficiary is the spouse, child, or grandchild of the owner, is “insured up to $100,000 in the aggregate as to each such beneficiary, separately from any other accounts of the owner or beneficiary, regardless of the membership status of the beneficiary.” If the named beneficiary is not the owner’s spouse, child, or grandchild, then the funds in the account “shall be added to any individual accounts of such owner and insured by $100,000 in the aggregate.”
Anyone can open a UTMA account using the name and TIN of the minor. A UTMA account is a restricted account, which means that the custodian is the only individual that has access to this account.
Regardless of the state in which the member and minor reside, when a minor applies for a Savings account with us, it is issued under the provisions of the “State of Maryland’s Uniform Gifts or Uniform Transfers to Minors Act.”
Either the custodian or the minor (beneficiary) must be eligible for membership in the credit union.
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.
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.
Not finding what you’re looking for? Contact us