Trusts and Trust Companies
Since 1987, MEMBERS Trust Company has met the special needs of members by providing trust and
asset management services. Owned by Ent and other credit unions and CUNA Mutual Insurance Society,
MEMBERS Trust is managed by and for credit unions to meet the trust and investment needs of
members. As a Credit Union Service Organization, MEMBERS Trust adopts the philosophy of its owners
to serve members with superior financial products and quality service.
By definition, a trust company is “a company formed to act as trustee or to deal with trusts.” Sounds pretty
simple, but in reality there are common misconceptions about trust accounts and trust companies that
complicate how consumers view the trust industry. Most prevalent is the belief that trusts are only for the
wealthy and cannot benefit middle class families with moderate assets.
Trusts can benefit anyone who owns assets of any kind, including stocks, bonds, mutual funds, jewelry,
collectibles, real estate, and even life insurance. A trust can help safeguard assets for a spouse, children,
or a person with disabilities; protect an estate from unnecessary court involvement; carry out charitable
bequests; preserve the maximum value of hard-earned assets; and minimize estate taxes.
Another frequent misconception is that a will is enough to protect assets and ensure that final instructions
are carried out correctly. While a will is an essential part of an estate plan, there are often situations
where a trust would be a logical addition. If there are family members with special needs; a blended
family with children from previous marriages; or concerns about the management of personal and
financial affairs in the event of disability, then a trust account can provide more security and peace of
mind than a will alone.
A trust is a legal document drafted by an attorney, designed to ensure that property and assets are
transferred to the chosen heirs with maximum privacy and minimum taxes. The pers