Managing Trust Accounts

Help us efficiently process your trust account application or change request by providing a few things to get started. You can also use this application to convert an existing consumer account to a trust account.

A trust is an agreement between parties in which the trustee manages property on behalf of the trust for the benefit of the named beneficiaries. Generally, there are two types of trusts: revocable (also called revocable living) and irrevocable.

• A revocable trust is usually created to manage assets during the trustor or trustee's lifetime.
• An irrevocable trust provides for the ongoing management of assets for the trust for the benefit of a named beneficiary.

Managing Trust Accounts

To open a new trust account, change an existing trust account or convert an existing consumer account to a trust account, you will need to provide the following required documents for review:

• A completed Trust Account Application and Change Request Packet form
• A completed Certification of Trust form form

Returning Documents to BECU

• In person at any BECU Location.
• Mail to:
  
  BECU Account Servicing M/S 1094-2
  P.O. Box 97050
  Seattle, WA 98124-9750

Once we have received your request, a representative may contact you to review the information provided (if needed).

Important Information

• The Social Security number (SSN) is required for the acting trustee(s) and the Taxpayer Identification number (TIN) is required for the Trust.
• Trusts can be designated as beneficiaries on deposit accounts.
• If you prefer to designate the trust as a beneficiary on deposit accounts, complete a Designate Beneficiaries form. All account owners must sign to designate a beneficiary.
• Trust accounts are not eligible for Member Advantage rates.
• eStatements and online bill payment are available for trust accounts once Online Banking has been set up for the trust.
• In order to complete online transfers from a consumer account to the trust account, or vice versa, BECU requires one of the following Third Party Web Access Transfer Authorization form(s) to be completed:
• Consumer Accounts Print (PDF) or Digital (eSign)
• Business and Trust Accounts Print (PDF) or Digital (eSign)
• Eligible account types for trusts: Member Share Savings, Savings, Checking, Money Market, and Certificate of Deposit (CD).
• If a revocable trust is being established for a Home Equity Line of Credit (HELOC), please call BECU at 800-233-2328 or visit a BECU location near you for more information.
• BECU is generally able to convert personal accounts to Revocable Trust accounts with the exception of Member Share Savings and Member Advantage Savings.
• All deposit accounts, except Member Share Savings and IRAs, can be transferred to Revocable Living Trusts if the tax ID for the trust is the same as the primary owners on any consumer accounts being transferred and if the account is not a checking account that is required due to an active line of credit.
• Member Share Savings (consumer) accounts cannot be closed if there are existing loans. Other conditions may apply.
• A separate Online Banking login must be created to view the trust account online.