Special Accounts | Elements Financial

Special Accounts

Trust Owned Accounts

In order to have a trust-owned account, the Grantor or Trustmaker must be eligible for Elements Financial membership. The purpose of a trust is to manage the grantor’s property before or after death or if he/she becomes incapacitated. The advantage of revocable trusts is that grantors can make changes during their lifetime. A few other benefits are:

  • Avoids Probate
  • Privacy
  • Flexibility
  • Grantor pre-selects successor trustee
  • Trusts are harder to contest than wills

When opening or to re-title your membership in a revocable trust complete a Trust Account Application and return the following supporting sections of the trust document:

  • Complete name of your trust
  • Name of the Grantor(s)     
  • Name of the initial Trustee(s)
  • Statement/terms of the revocability of your trust
  • Signature pages
  • Successor Trustee(s)
  • For loan purposes, it is important that we obtain the section of the trust document that indicates the powers of the trustee

Your credit union does not manage trusts or create trust documents but can refer you to an Attorney, if needed. We may be able to accept some irrevocable trusts. Please contact our 24-Hour Member Service Contact Center: (317) 276-2105 or toll-free (800) 621-2105 or email customerservice@elements.org.

Uniform Transfer to Minors Act (UTMA)Representative PayeeGuardianship Accounts

UTMA is a type of trust recognized by Indiana law that allows people to transfer money or assets to a minor under the age of 21. Part of the beauty of these trusts is that they don’t require an attorney’s assistance to set them up. These transfers are irrevocable, meaning that they cannot be reversed in the future. A custodian is named by the grantor and is responsible for using the funds for the minor until he/she reaches 21 years of age (The grantor and custodian can be the same person). Either the minor or the custodian need to be eligible for Elements Financial membership.

We understand that sometimes we need someone to help care for us. That’s why we offer Representative Payee Accounts. A representative payee is someone who has been named by the Social Security Administration as the caretaker or fiduciary agent for someone who receives benefits from the Social Security Administration. The person receiving the benefits is called the “recipient” and is someone who is unable to care for their own finances. Either the recipient or the representative payee needs to be eligible for Elements Financial membership.

At Elements Financial, we offer Guardianship Accounts to those who have financial jurisdiction for another. A guardian is an individual who has been named as a caretaker and fiduciary agent by a court of law or by a legal instrument (will) for another individual usually referred to as a “ward.” The guardian is responsible for spending the funds appropriately for the ward. When it comes to membership, either the ward or the guardian needs to be eligible for the credit union membership.

For more information about the aforementioned accounts, please contact our 24-Hour Member Service Contact Center: (317) 276-2105 or toll-free (800) 621-2105 or email customerservice@elements.org.