Estate planning at Commonwealth CU
How to protect 16 Commonwealth CU accounts — manage beneficiaries in-branch, fund a trust in-branch, and file death claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more →
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more →
Death Claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
Commonwealth Credit Union, PO Box 978, Frankfort, KY 40602-0978
WebsiteNotify online →
Verified Mar 2026
Commonwealth CU is a credit union offering 16 accounts that interact with estate planning in different ways. As a membership-based credit union, Commonwealth CU headquartered at 417 High Street, Frankfort, KY 40601. Multiple branches across Central and Eastern Kentucky including Frankfort, Lexington, Louisville, Shelbyville, and Prestonsburg (former Eastern KY FCU). Membership expanded to 36 counties across Eastern and Southern Kentucky following the April 2025 acquisition of Eastern Kentucky FCU. Understanding how each account transfers at death—and which ones a trust can hold—helps families avoid probate delays and unintended outcomes.
Beneficiary designations at Commonwealth CU can be managed in branch and by phone, typically taking 15-30 minutes in branch. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.
Commonwealth CU provides specific procedures for both proactive estate planning and filing claims after a death.
Preparing your estate
Beneficiaries and trust funding
How to update beneficiaries in-branch, fund a trust in-branch, and review 16 account types at Commonwealth CU.
View details →When someone dies
Death claim process
8-step process, 7 required documents, and contact information for survivors.
View details →Commonwealth CU operates in select states, so estate planning procedures may vary by location. Confirm availability in your state before initiating trust funding or account changes.
Frequently asked questions
Yes. Commonwealth Credit Union services both Revocable and Irrevocable Living Trusts. Visit any branch with your trust document (or Certificate of Trust), government-issued photo ID for all trustees, and the trust EIN or SSN. Existing accounts may need to be closed and reopened under the trust title. IRA accounts cannot be retitled to a trust but can name a trust as beneficiary. Consult an attorney before creating or altering a trust agreement.
Commonwealth Credit Union accounts are insured up to $350,000 per depositor: $250,000 by the NCUA (a federal government agency) plus an additional $100,000 by the Excess Share Insurance Corporation (ESI), at no cost to members. Traditional and Roth IRAs receive a separate $350,000 in coverage. Adding joint owners or beneficiaries may further increase your overall NCUA insurance coverage. Use the calculator at mycreditunion.gov/share-insurance to estimate your total coverage.
Yes. Commonwealth CU offers Traditional and Roth IRAs, available as IRA savings accounts or IRA share certificates ($1,000 minimum for certificates, terms from 6 to 60 months). Annual contribution limit is $7,500 ($8,600 if age 50 or older). Traditional IRA holders may qualify for a tax deduction; Roth IRA withdrawals are tax-free when qualified. No front-end or service charges. Payroll deduction option available. IRAs are insured up to $350,000 ($250,000 NCUA + $100,000 ESI). Beneficiary designation requires a separate Beneficiary Appointment form.
Power Checking is an all-in-one checking account with built-in high-yield savings. There is no minimum balance to open or earn the APY and no monthly service charge. To earn the highest APY, members must be enrolled in eStatements, make 20 monthly debit card transactions, and have an open loan with the credit union. Includes a free Visa debit card with mobile wallet capability and overdraft protections.
Commonwealth CU offers several certificate types: Standard Share Certificates (6-60 month terms, $500 minimum), Jumbo Certificates (higher rates for larger deposits, opened at a branch), New Money Certificates (promotional rates for funds not already on deposit), and Wealth Development Certificates (24- or 48-month terms with $5 initial deposit and $20 minimum monthly deposits). IRA certificates are also available with a $1,000 minimum and 6-60 month terms. All certificates are insured up to $350,000 ($250,000 NCUA + $100,000 ESI).
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more →
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more →
Death Claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
Commonwealth Credit Union, PO Box 978, Frankfort, KY 40602-0978
WebsiteNotify online →
Verified Mar 2026
Estate planning resources for Commonwealth CU customers
Tools and documents to help protect your Commonwealth CU accounts.
Do I Need a Revocable Trust?
Answer questions about your estate size, real estate, family situation, and privacy preferences to see how a revocable trust compares to a will alone.
Take the Quiz
Are My Beneficiary Designations Protected?
See how your state handles beneficiary designations after divorce, inherited IRA creditor protection, and spousal consent requirements for retirement accounts.
Check Now
What Does Estate Planning Actually Cost?
See the true cost of estate planning. Compare SimplyTrust, Trust & Will, LegalZoom, and attorneys including life events like marriage, divorce, and having children.
Compare Costs