Trust Accounts

Preserve Your Wealth… Today and Beyond

Establishing an account in the name of your Trust is an effective estate planning tool that may protect your assets from the expense and delay of probate, and estate taxes.

  • Available with a savings, supplemental savings, checking or certificate accounts
  • High dividends paid monthly on average daily balances of $100 or more with a savings account
  • First box of checks Free (checking account only). Debit & convenience cards are not available for trust checking accounts.
  • Savings federally insured to at least $250,000 by the NCUA
  • No maximum balance limit
  • Online banking and mobile banking

In order to open an account in the name of your trust, a copy of the notarized Certificate of Trust or Trust Abstract drafted by your attorney is required along with a completed Trust Application (PDF).

Some Facts about Living Trusts

  • Living Trusts are drafted by attorneys
  • A living trust can bypass the costly and lengthy process of probate (a process that aims to prove the validity of a will), as well as some inheritance taxes.
  • A Revocable Living Trust can be modified during the lifetime of the Trustor by the Trustor.
  • Irrevocable Trusts cannot be modified by either the Trustor or Trustees.
  • The assets can remain in the trust account until the trust requires that the trustee make the appropriate distributions to your beneficiaries as indicated in your Trust.
  • A Living Trust account can reduce or eliminate estate taxes (see your tax professional)

See your lawyer and tax professional for more complete and thorough counsel.

Frequently Asked Questions

Where do I send checks payable to or for deposit to my Alliant Trust Account?

Mailing Address
Alliant Credit Union
Attn: Special Services
P.O. Box 66945
Chicago, IL 60666-0945

Overnight Service
Alliant Credit Union
Attn: Special Services
11545 W. Touhy Avenue
Chicago, IL 60666
773-462-2182

What is a Trustor or a Trustee?
The Trustor/Grantor/Settlor is the person who creates the trust.
The Trustee is the person who manages the assets in the trust.
In some instances, the currently acting Trustee may not be the original Trustor

Who is an owner?
An owner is the person with the powers to modify or revoke the terms of the Trust, referred to as the Trustor/Grantor/Settlor within the Trust.

Can I add an existing Trust as a beneficiary?
Yes, you can designate a trust as a beneficiary for your personal account.

What do I need to provide to Alliant in order to open the Living Trust?

  • Type of Trust
  • Name of the Trust
  • Date the Trust was established
  • Names of the Trustees
  • Death certificate for deceased Trustees (if applicable)
  • Names of the Successor Trustees
  • If Trustees may act independently or must act together (if there is more than one Trustee)
  • Names of the Beneficiaries (optional; for share insurance purposes only)
  • Signature and notary seal

Can I open up a Trust if the Trustee is deceased?
Yes, you will need to supply the death certificate if one of the Trustees is deceased. If all the Trustees of a Living Trust are deceased, then the Successor Trustee must obtain a Tax ID Number and provide a copy of the death certificate.

What products and services are available with Trust accounts?

  • Savings without a convenience card (required)
  • Checking without debit card. Check imprint must include title of Trust and the names of all Trustees
  • Share Certificates
  • Online Banking
  • Bill Pay

Can I keep my individual Alliant Credit Union account as well as a Trust account?
Absolutely, and we encourage you to do so if you currently, or will in the future, take advantage of our low rates on loans and visa credit cards and the convenience of a debit card.

Check our fee schedule.

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