Revocable Trust Account Sample Clauses
A Revocable Trust Account clause establishes an account in which assets are held by a trustee for the benefit of designated beneficiaries, with the grantor retaining the right to alter or revoke the trust at any time. In practice, this means the account owner can change beneficiaries, modify terms, or dissolve the trust entirely, maintaining control over the assets during their lifetime. This clause provides flexibility and control for the account owner while facilitating the management and eventual transfer of assets, often simplifying estate planning and avoiding probate.
Revocable Trust Account. You may open an account for a revocable trust created by you if you are a member of
Revocable Trust Account. By checking the Trust account designation on the Master Membership Application, you request that the credit union establish an account for a Revocable Living Trust agreement, generally drafted by an attorney. Such an account will be established upon the proper completion of the Master Membership Application which will designate all parties to the trust and bind all such parties to the terms of this Agreement.
Revocable Trust Account. Notwithstanding anything to the contrary in this Agreement, if the Account is held by a revocable trust, “you”, “your”, and “Account Owner” means the revocable trust for which the Account is established (the “Trust”) and/or, as the context may require, the natural person(s) authorized to represent and act on behalf of the trust and whom are named in the Account application. If the Account is held by a revocable trust (and to the extent such Accounts are permitted), the following additional terms apply: You confirm that you have authority under the Trust and applicable law to enter into agreements and transactions, and issue instructions on this Account, for the Trust and agree that all instructions and transactions will be in full compliance with the Trust. The Trust has not been revoked, modified, or amended in any manner that would cause any statement in the Account application, this Agreement or other information that you have provided to us to be incorrect. The Trust exists under applicable state laws. You agree to indemnify us from and hold us harmless for any and all Losses resulting from my effecting any transaction or giving any instruction with respect to the Account. You will inform us in writing of any changes in the Trust or its trustees to keep the representations and confirmations made in the Account application and this Agreement true at all times.
Revocable Trust Account. A revocable trust account may be opened without a written trust agreement. The account is in the name of one or more of you for the benefit of one or more persons you name as beneficiaries. Trust accounts are subject to applicable law including limitations on the number of beneficiaries. The beneficiaries cannot withdraw funds from the account unless all of you die and the beneficiary is then living. If two or more beneficiaries survive, the Bank will pay the funds in the account in equal shares to the beneficiaries. The funds in the account will not be inherited by your heirs or controlled by your will. If this account is owned by more than one of you, you will be subject to the joint account rules stated above. If you die, we will not release any funds until all required legal documents have been received and reviewed by us and all other legal requirements have been met. If you opened your account in a Firstrust Branch in New Jersey, you should also review the Multiple Party Deposit Account section below for further information on your account.