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Revocable Living Trust Questions

  • Can my existing Personal Savings Account be in the name of my Trust?

    Yes, subject to conditions and provided that the trust is a Revocable Living Trust.  A Personal Savings Account must first be opened as a joint or individual Account.  After the Account is opened, the primary (first named) Account owner may re-title the Account as a Revocable Living Trust Account (change the title of the Account to the name of the trust), subject to conditions.  Please see full conditions to re-title an account.

  • May a new Account be opened in the name of a revocable living trust?

    No.  Personal Savings Accounts can only be opened in the name or names of individuals, not in the names of trusts.  Accounts can subsequently have their titles changed to Revocable Living Trusts, subject to conditions.  No other forms of trusts are allowed.  Please see full conditions to re-title an account.

  • What are the steps to set up a Personal Savings Account for my Trust?

    A Personal Savings Account must first be opened as a joint or individual Account.  After the Account is opened, the primary (first named) Account owner may then follow the steps below to re-title the Account as a Revocable Living Trust Account.  Conditions apply

    • Log in to your Account and click on ‘My Profile’ tab and choose the ‘Living Trust Re-titling’ option.
    • You will be required to answer eligibility questions about the type of trust and the rights of the settlor/grantors (creators) and Trustees of the Revocable Living Trust.
    • If the primary Account owner meets and electronically accepts all Account re-titling terms and conditions, the title of the Account may be changed to the name of your Revocable Living Trust.
    • We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

    If a Personal Savings Account was opened as an individual (not joint) Account, and two owners or two trustees are desired for the re-titled Account, or if the primary Account owner named for the Account during Account opening is not a settlor/grantor (creator) of the trust, or if the Trust does not use the Social Security Number of the primary Account owner, you may be able to open a new Account that meets our Account re-titling requirements, transfer  funds from the previous Account to the new Account, close the previous Account and re-title the new Account to the name of the Revocable Living Trust (subject to conditions).

  • Can I re-title my existing Account in the name of a Trust by calling you or mailing a form?

    No. Re-titling can only be done online where you can log-in and electronically accept the Account re-titling terms and conditions.  Please see full conditions to re-title an account.

  • What are the conditions to re-title an existing Account in the name of a Trust?
    • Your Personal Savings Account (“Account”) can only be re-titled (not opened) as a revocable living trust (Trust) Account.
    • The Trust must (1) use the Social Security Number of the primary Account owner named in the Bank’s records for the Account and (2) be in full force and effect.
    • Accounts may only be re-titled online (not by mail or telephone), by the primary (first named) Account owner.
    • Accounts may not be re-titled (or opened) to reflect any other form of trust (for example, no formal irrevocable or testamentary trusts).
    • The primary Account owner must be a settlor and/or grantor (creator) of the Trust.
    • The primary Account owner must enter the name of the Trust as it appears in the trust documents (e.g., Trust Agreement, Trust Deed, Declaration of Trust).
    • Each Account owner named in the Bank’s records must be a trustee who is authorized to act individually for the Trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party.
    • Only the existing Account owners named in the Bank’s records will be allowed to perform Account-related transactions after the Account is re-titled.
    • The Account owners must agree to give the Bank copies of trust documents, additional Trust-related certifications, and/or additional information about the Trust, promptly upon request.
    • The Bank is not responsible for the content of any trust documents or for any duty a settlor, grantor or trustee may owe to any Trust beneficiary(ies).
    • The Account owners must agree to give the Bank prompt written notice if any information given to the Bank about the Trust during the Account re-titling process or at any other time, changes or becomes inaccurate.
    • The Account owners must agree that all terms and conditions of the Deposit Account Agreement continue to apply to the Account, including (without limitation) the requirement that the Bank receive prompt written notice if any Account owner dies or becomes legally incompetent.
    • The Bank may close the Account if any information given to the Bank about the Trust during the Account re-titling process or at any other time changes or becomes inaccurate (including if at any time it appears to the Bank that the primary (first named) Account owner is no longer authorized to perform  Account-related transactions without the consent, approval, or authorization of another trustee or party), or if any Account owner dies or becomes legally incompetent, and at any other time as described in the Deposit Account Agreement.
    • If the Account is closed (whether by the Bank or by an Account owner), the Bank may return the Account balance in the form of a check payable to the Trust, after receiving certification of the name and address of the trustee of the Trust.
    • When an Account is re-titled to a revocable living trust Account, any payable-on-death beneficiary designation that may be on file with the Bank in connection with the Account is automatically revoked.
    • The Bank does not have to allow an Account owner to re-title the Account again at a later date.
    • The primary Account owner must agree that they have had an opportunity to consult with their financial and legal advisors before re-titling the Account to a revocable living trust Account.
  • What forms of Trusts are allowed to hold Personal Savings Accounts?

    Personal Savings Accounts may only be re-titled (not opened) as Revocable Living Trust Accounts, subject to conditions.  Accounts may not be re-titled (or opened) to reflect any other form of trust (for example, no formal irrevocable or testamentary trusts). We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

  • What if a Trust has more trustees than the Account has owners?
    • Only the existing Personal Savings Account owners named in our records will be allowed to perform Account-related transactions after the Account is re-titled.
    • If the Personal Savings Account is individually owned, the Account owner must be a settlor and/or grantor (creator) of the Revocable Living Trust whose Social Security Number is used for the Trust, and also a trustee of the Trust, authorized to act individually for the Trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party.
    • If the Personal Savings Account is jointly owned, the primary (first named) Account owner must be a settlor and/or grantor (creator) of the Revocable Living Trust whose Social Security Number is used for the Trust. In addition, each named Account owner must be a trustee of the Trust authorized to act individually for the Trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party.
    • We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.
  • If I re-title my existing Account as a revocable living trust Account, does this change my authority to perform Account-related transactions?

    No, because the individual (sole) Account owner or the primary (first named) Account owner named in our records (as applicable) must certify to us that each person named as an Account owner in our records is a trustee of the revocable living trust authorized to act individually for the trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party.

  • If I re-title my existing Account, does this change the interest rate?

    No. Personal Savings Accounts that are re-titled as Revocable Living Trust Accounts are not a separate type of account.  Account re-titling does not affect any existing Account product features, including the interest rate.

  • Can I change the title of an Account from a trust back to individual or joint owners?

    No. After re-titling an Account, the title may not be changed back from a trust to individual or joint owners.  However, you may be able to open a new Personal Savings Account, transfer funds from the re-titled trust Account to the new Personal Savings Account, and close the re-titled trust Account. We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

  • Can I change the name of an Account that has been re-titled as a trust Account to a trust with a different name?

    Yes, subject to conditions and provided that the other trust is a revocable living trust, uses the same Social Security Number, has the same settlor and/or grantor (creator) and the same trustee(s), and each Account owner named in our records is a trustee of the other trust who is authorized to act individually for the other trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party. Please see full conditions to re-title an account. We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

  • What happens to my existing beneficiaries when I re-title my Account as a revocable living trust Account?

    Any beneficiary designation in our records for a Personal Savings Account will be automatically revoked and terminated when the Personal Savings Account is re-titled in the name of a revocable living trust. (Revocable living trust documents generally include their own beneficiary provisions; we presume that any beneficiary designation in our records for a Personal Savings Account is intended to be superseded and replaced by beneficiary provisions in the revocable living trust documents when an Account is re-titled as a revocable living trust Account.)  We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

  • After I re-title my Account, can I add beneficiaries to my Personal Savings Account?

    No. The beneficiary provisions in the revocable living trust documents executed by the settlor/grantor (creator) would apply to an Account that has been re-titled as a revocable living trust Account. We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.

  • What happens if an Account owner dies or becomes legally incompetent after an Account is re-titled as a revocable living trust Account?

    When the Bank becomes aware that an Account owner has died or become legally incompetent, the Bank may close the Account and return the Account balance in the form of a check payable to the Trust, after receiving certification of the name and address of the trustee of the Trust.

  • How often can I withdraw funds from a Personal Savings Account re-titled in the name of a Revocable Living Trust?

    Accounts re-titled as Revocable Living Trusts are not a separate type of account. Account re-titling does not affect any existing Account product terms or conditions, such as withdrawal and funds transfer restrictions, links to external bank accounts, Regulation D or CD Early Withdrawal Penalties.  Please see the Deposit Account Agreement for full terms and conditions about withdrawals and funds transfers.

  • Can I request a check payable to me as an individual Account owner from an Account re-titled as a trust?

    No. The Bank reserves the right to only disburse funds from a re-titled Account in the form of a check payable to the Trust, after receiving certification of the name and address of the trustee of the Trust.

  • Can I link an external bank account that is not titled as a trust?

    The Bank will generally allow Personal Savings Account owners to link external accounts that are either in the name of the Account owner or the Revocable Living Trust.   Existing linkages to external bank accounts will not be affected by the re-titling process.  You are encouraged to consult with your financial or legal advisor before re-titling an Account to a revocable living trust Account and before linking external bank accounts to a re-titled Account.

  • If I re-title my CD Account as a revocable living trust, does it change the maturity date or other CD Account terms?

    No. Accounts re-titled as Revocable Living Trusts are not a separate type of account. Account re-titling does not affect any existing Account product terms or conditions, such as the original scheduled maturity date, any applicable maturity renewal option,  interest disbursement option, or  the CD Early Withdrawal Penalties. Please see the Deposit Account Agreement for full CD terms and conditions.

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