Trust Accounts

What’s a Trust Account, and do I need one?

A trust is an estate-planning tool used primarily to avoid the delays and costs of the public probate process.

In California, when a person owns real estate and personal property with a gross value over $208,850.00, the property is transferred to their heirs through a court-supervised proceeding called "probate." Probate can take months or even years.

Benefits of a Trust: 

1. Avoids probate
2. Asset protection
3. Privacy protection
4. Funds distributed how you want

Of course, everyone’s financial situation and estate is different. So, it’s recommended you work with an attorney or professional estate planner outside Star One Credit Union to create a trust agreement.

Where Star One comes in: After creating the trust, the individual transfers title of their Credit Union assets to be held under the trust.

Need help figuring this all out? Schedule an appointment.

Power of Attorney and Trusts

When you create a Power of Attorney, you designate at least one person (agent) to make legal, financial, medical and other decisions on your behalf.

A Power of Attorney agent may act as a trustee of a trust—if the trust and Power of Attorney documents explicitly allow it.

In other words: if someone has Power of Attorney, they don’t necessarily get access to a trust. The trust documents must say they have access too.

Learn more about Powers of Attorney.

Two Steps to a Trust Account

1. Create a trust agreement with a professional estate planner or attorney. 
2. Visit a Star One branch to open a trust membership or convert an existing Star One membership to a trust. Or schedule an appointment with our Virtual Branch Team.

Schedule your estate-planning consultation

As a Star One member, you get access to complimentary estate-planning consultations through Affinity Trusts. 
 
If you decide to move forward with a trust, you can receive a serious discount on living trusts and other estate-planning documents from the experienced attorneys at Citadel Law. Star One member discount pricing for an Affinity Trusts Comprehensive Estate Plan starts at $1,795 for individuals, or $2,095 if married—you save 35% or more.