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Trust Accounts

Trust-Owned Account

Flexible account for revocable trusts

We offer Trust-Owned Accounts for members who have established a revocable trust. The purpose of a trust is to manage the grantor’s property before or after death or if he/she becomes incapacitated. Revocable trusts have many advantages:

  • Grantors can make changes during their lifetime
  • Avoids probate
  • Privacy
  • Flexibility
  • Grantor pre-selects successor trustee
  • Trusts are harder to contest than wills

To open a Trust-Owned Account, submit the following supporting sections of the trust document along with your completed PDF application:

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Get PDF Application
Or call 1-800-621-2105

Uniform Transfer to Minors Act (UTMA) Account

A custodial account for minors—help save for a child’s future
  • An UTMA Account is a custodial account for a minor that allows people to transfer money or assets to a minor under the age of 21
  • 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)
  • Doesn’t require an attorney’s assistance to set it up
  • Either the minor or the custodian need to be eligible for Elements Financial membership
  • Transfers are irrevocable, meaning that they cannot be reversed in the future

Call to Open an Account 1-800-621-2105

Representative Payee Account

When we need someone to help manage our finances
  • A representative payee is a person who acts as the receiver of benefits from the Social Security Administration for a person who is unable to care for their own finances (“the recipient”)
  • A Representative Payee Account is where the representative payee receives the funds
  • Either the representative payee or the recipient needs to be eligible for Elements Financial membership

Call to Open an Account 1-800-621-2105

Guardianship Account

An easy way for guardians to manage funds
  • Guardianship Accounts are for people who have financial jurisdiction for another person
  • 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 (“the ward”)
  • The guardian is responsible for spending the funds appropriately for the ward
  • Either the guardian or the ward needs to be eligible for Elements Financial membership

Call to Open an Account 1-800-621-2105