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Special Accounts

The following "Designated" accounts are available at the credit union. Below is information that is needed to establish the special designated accounts.

Trust Accounts (Revocable / Living Trust)

A revocable living trust is a trust by which an individual or a couple transfers legal ownership to the trust account and which can be amended or dissolved at any time. The grantor or settler will at least initially be the trustee. Irrevocable or Amendable Trust Accounts cannot be opened. The following documentation is required to open an Revocable Living Trust account with OUR Credit Union:

  • Required Information on the Trust (Name, Address, Tax Identification Number)
  • IRS Reporting Information - Grantor/Trustee SSN
  • Valid Identification for Trustees
  • Certificate of Trust, Affidavit of Trust, or entire trust agreement
  • Credit Union Master Membership Application signed by all trustees

Custodial / MIUTMA Account (Michigan Uniform Transfer to Minors Act)

Under the Michigan Uniform Transfers to Minors Act (MIUTMA), a custodian may want to set money aside for the minor as an irrevocable gift. In this case, the money belongs to the child. If the custodian withdraws any of the money it must be used for the benefits of the child. Upon the age of 18 in Michigan, the account must be closed and the funds will be turned over to the child. The following documentation is required to open a Custodial / MIUTMA Account with OUR Credit Union:

  • Required Information on the Custodian (Name, Address, Date of Birth, Tax Identification Number for the custodian & child)
  • IRS Reporting Information - Child's SSN
  • Valid Identification of Custodian & Child
  • Credit Union Master Membership Application signed by the custodian

Conservatorship / Guardianship Account

If an adult is ruled incompetent or a minor is unable to manage his or her affairs, the court will appoint a guardian. The guardian's authority ceases at the death of the ward or mentally incapacitated adult. Sometimes the guardian is called a conservator. The following documentation is required to open a Conservatorship / Guardianship Account with OUR Credit Union:

  • Required Information on the Guardian / Curator (Name, Address, Date of Birth (for the individual), Tax Identification Number
  • IRS Reporting Information - Owners SSN
  • Valid Identification on Guardian or Curator
  • Court Order
  • Letters of Guardianship
  • Credit Union Master Membership Application signed by the tutor or curator

Representative Payee Account (Social Security Representative Payee)

A Social Security account is an account for the person receiving Social Security benefits who is unable to act on their own behalf. The Social Security Administration has name a Representative payee to act on behalf of the beneficiary. The representative payee manages the Social Security benefits and is required to use the funds for the current or foreseeable needs of the beneficiary and save any funds for the future. The person that they are acting on behalf of is the actual owner of the account. The owner of the funds (beneficiary) does not have access to the funds. The following documentation is required to open a Representative Payee Account with OUR Credit Union:

  • Required Information on Owner and Representative payee (name, Address, Date of Birth (for the individuals) Tax Identification Number)
  • IRS Reporting Information - Beneficiary/Owner's SSN
  • Beneficiary must qualify for credit Union membership
  • Valid Identification on Representative payee
  • Check or "Notice of Award" Letter from Social Security
  • Credit Union Master Membership Application signed by the Representative payee, even though the funds are owned by the beneficiary and reported in the beneficiary's SSN

Estate Account

An Estate account may be established for a deceased member by a court appointed representative, usually called either an Executor or Administrator. The assets, in an estate account may be used to pay the remaining debts of the deceased member's estate and may be used to distribute the remaining funds to the person(s) entitled. Once the estate is settled, usually with in a year or two the estate account must be closed. The following documentation is required to open an Estate Account with OUR Credit Union:

  • Required Information on Estate (Name, Address, Tax Identification Number of Estate)
  • IRS Reporting - Estate EIN
  • Valid Identification on Personal Representative
  • Letters of Testamentary or letter of Administration Credit
  • Union Master Membership Application signed by the personal representative