Take a closer look at Trusts.
A way to have the last word when it matters most.
Understanding Trusts
A Trust is a powerful estate-planning tool to
manage your assets throughout your lifetime and beyond. It allows you to
provide detailed instructions or conditions on how and when to
distribute everything you worked so hard to achieve. To establish a
Trust, you’ll need to work with a professional who will help you choose
the right type of Trust and make sure your wishes are clearly
communicated.
Why it's worth it
Security & Control
Have peace of mind knowing your assets will be distributed according to your wishes. You can also delay access to assets until your beneficiaries reach a specific age or goal.
Privacy
Trust account information isn’t public record. Estate, asset and beneficiary details will always be kept confidential.
Avoid Probate Court
Unlike with a will, assets held by a Trust skip the time-consuming and sometimes costly process of probate, where a court organizes and distributes assets.
Trust types: A quick comparison
Choosing a type of trust depends on why you
decide to create one. A professional who specializes in estate-planning
laws for your state can help you find the right fit for your financial
life.
Revocable
- Grantor acts as Trustee and maintains ownership of the Trust throughout their lifetime
- Asset, beneficiary and other information can be changed any time
- Grantor is responsible for paying taxes on Trust assets
- Assets aren’t protected from creditors or other claims
- Can be dissolved
Irrevocable
- Once assets are transferred into a Trust, the Grantor no longer owns them
- Asset information can be updated, but beneficiaries can’t be changed
- Helps reduce or avoid estate taxes at the grantor’s death
- Offers some protection of assets from creditors or other claims
- Can’t be dissolved
Open an account in the name of a Trust
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Establish a formal Trust with a professional.
If you haven’t already, work with a financial professional or estate attorney to go over your options and create a Trust agreement. They’ll help you find the one that best suits your needs.
Gather your documents.
We’ve made setting up an account in the name of a Trust as simple as possible. You can easily apply online, and we’ll have you upload pages from the Trust agreement along the way to complete the application.
Apply for an account online.
After you select an account type in our application, make sure to indicate it’s for a Trust before you move on to the next steps. Then, you’ll need to provide Trust agreement, Grantor and Trustee information.
Convert your existing savings, checking or CD into an account for a Trust.
If you already have a Trust agreement, complete the Trust Conversion Request (PDF). You’ll be able to submit the required documents to us online or by mail, but you’ll need to send your completed form to us at Credence Global Bank, P.O. Box 951, Horsham, PA 19044.
FAQs
We have answers.
It's a deposit account that can be opened by a Trustee for the benefit of someone else (beneficiary). These accounts:
- Protect assets during and after the Grantor's life
- Must have a specific purpose, a designated beneficiary and specific duties for the Trustee as designated by the Grantor
- Require a written Trust (with a Social Security or Tax ID number), which must be set up outside of Credence Global Bank, and typically requires the services of an attorney
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