In Trust For definition

In Trust For. Accounts: If you open an account in your name payable on your death to another person or in trust for another person (the “beneficiary”), without presenting formal trust papers or without a reference to a trust agreement, will, court order, or other instrument, you may make deposits, withdrawals, or close the account at your discretion. Your Social Security number must be used for income tax reporting. The beneficiary will have no rights regarding the account before your death. After your death, state law will determine who may claim the funds on deposit. The Bank may require certain legal documents before releasing the funds on deposit. Except in New York, ownership of this account cannot be changed by the terms of a deceased depositor’s will. In New York, the funds will be paid to the beneficiary, unless the Bank receives actual written notice that the deceased depositor’s will has expressly revoked, terminated, or modified these directions.

In Trust For. Payable On Death (POD)

In Trust For designation means that you intend to open an account under Section 36a-296(a) of the Connecticut General Statutes (entitled “Deposits in Trust”) or the successor to that statute. The ITF designation means that you have full ownership of the account until your death. You, as the owner, must give us your Social Security number. When you die, the account will belong to the ben- eficiary you have named if such person is alive when you die. If you have named more than one beneficiary, the account will belong equally to the beneficiaries who are alive when you die. If this is also a joint account with right of survivorship, when any of the owners of the account dies, any remaining owners will have full joint ownership until their deaths. When the last owner dies, the account belongs to the beneficiaries who are living at that time. Uniform Transfers to Minors Act (“UTMA”) If you have opened the account as custodian under the Connecticut UTMA, your rights and duties are governed by that Act. Because the funds in a UTMA account belong to the minor, you must give us the minor's Social Security number. You will not be allowed to pledge the account as collateral for a personal loan. A UTMA account may have only one minor as owner and one custo- xxxx; however, another person may be named as substitute custodi- an, in the event the first named custodian dies or is otherwise unable to serve.

Examples of In Trust For in a sentence

• The Account cannot be owned or titled jointly, by an organization, as Payable on Death ("POD") or "In Trust For" ("ITF").

• The Account cannot be owned or titled jointly, by an organization, as "Payable on Death" or "In Trust For".

• If this account is noted as an In Trust For account, the trustee(s) may change the named beneficiary(ies) at any time by a written direction to us.

• If the account is designated as an In Trust For account, you may change the named beneficiary at any time by written direction to us.

• The Savings Account cannot be owned or titled jointly, by an organization, as "Payable on Death" (referred to as "POD"), "In Trust For" (referred to as "ITF"), or under “Power of Attorney.” In the event that your Savings Account comes under a Power of Attorney or conservatorship, we will work with your legal representatives to handle the disposition of your Savings Account.

• The Bank Account cannot be owned or titled jointly, by an organization, as "Payable on Death" (referred to as "POD"), "In Trust For" (referred to as "ITF"), or under “Power of Attorney.” The Bank Account and your obligations under this Bank Account Agreement may not be assigned.

• If this account is noted as an In Trust For or Payable on Death account, the trustee(s) may change the named beneficiary(ies) at any time by a written direction to us.

• If the account is designated as an In Trust For or Pay on Death account, then it is an account payable on request to you during your lifetime and after your death to one or more surviving designated beneficiaries, without being subject to your will.

• An In Trust For or Pay on Death account may be combined with certain other types of accounts, in which event such other accounts' descriptions shall also apply.

• If the Deposit Account is designated as an In Trust For account, you may change the named beneficiary at any time by written direction to Custodian.

More Definitions of In Trust For

In Trust For. Accounts: If the Deposit Account is held in trust for one or more beneficiaries, the Pledgor(s) acknowledges that whenever the Bank chooses to exercise any of its rights hereunder, then to such extent the trust created in the Deposit Account for the benefit of such beneficiaries shall be revoked, terminated and/or modified.

In Trust For. ITF”) Account” means an account where you designate another person or another Entity as beneficiary of the account. You can open an individual or joint ITF account. The beneficiary receives the funds in the account only upon the death of all account holders and cannot make any withdrawals or account changes before that time. If more than one beneficiary is named in our records, they will share equally in the account proceeds. During the lifetime of one or more of the account holders, this account will be treated as an individual account or joint account, as applicable. To change the beneficiary, all account holders must sign our documentation naming the new beneficiary.

In Trust For. ACCOUNTS: If this account is an account held in trust (not available for XXX Share Certificate Accounts, for which beneficiaries may be designated in a separate XXX Trust Agreement), it is understood and agreed that this is a voluntary and revocable trust and that upon your death, the Credit Union may make payment or otherwise recognize or deal with the beneficiary(ies) you have named on the Share Certificate Application as the sole owner(s) of this account. Until your death, the Credit Union will maintain this account in your ownership alone, and the amount at any time on deposit in this account shall be for your exclusive use and not for the use of any beneficiary of the trust. You agree that any receipt made by yourself or by any beneficiary, when any payment is made by the Credit Union from the account, shall be a complete release of all claims and liability to the Credit Union. CUSTODIAL (UNIFORM TRANSFERS TO MINORS ACT) ACCOUNTS: The funds in this account are owned by the minor, who receives the funds as a permanent (irrevocable) gift. The account is controlled by a custodian, who manages the account for the minor’s benefit. The Credit Union will act upon the custodian’s instructions. One (1) custodian and one (1) minor are allowed per account. When the minor turns 21 years of age with regard to accounts established pursuant to N.Y. Uniform Transfers to Minors Act “UTMA,” the monies in this account must be transferred to the minor. XXX Share Certificate Accounts, Secured VISA Card Share Certificate Accounts and Regular Share Certificate Accounts pledged as security for installment loans may not be established as custodial (UTMA) accounts.

In Trust For designation means that you intend to open an account under Section 36a-296(a) of the Connecticut General Statutes (entitled “Deposits in Trust”) or the successor to that statute. The ITF designation means that you have full ownership of the account until your death. You, as the owner, must give us your Social Security number. When you die, the account will belong to the ben- eficiary you have named if such person is alive when you die. If you have named more than one beneficiary, the account will belong equally to the beneficiaries who are alive when you die.