Estate planning and settlement at ESL Federal CU

ESL Federal CU offers 18 accounts, each with its own rules for what happens when a member dies. As a membership-based credit union, ESL Federal CU serves the Greater Rochester and Finger Lakes region of New York. The eligible-county list was EXPANDED and now runs to 21 New York counties: Allegany, Cattaraugus, Cayuga, Chemung, Cortland, Erie, Genesee, Livingston, Monroe, Niagara, Onondaga, Ontario, Orleans, Oswego, Schuyler, Seneca, Steuben, Tompkins, Wayne, Wyoming and Yates. Living in one of those counties is not by itself enough - ESL pairs it with a second qualifier: a family or household member who is already an ESL member; living, working, worshiping or attending school inside the City of Rochester boundaries; employment or retirement from a listed company; membership in a listed group or association; or being a member, employee, retiree or volunteer of the George Eastman Museum. For someone who meets the basic requirements and lives in an eligible county, ESL pays for the George Eastman Museum membership that creates eligibility. Immediate family of an existing member is automatically eligible. This matters for estate work in two directions: the ESL deposit agreement requires a revocable trust's grantor to be a member before the trust can hold an ESL account, and ESL will not open an estate account for a deceased NON-member even when the survivors are members. Some transfer automatically to a named beneficiary, others can be held in a trust, and a few may require probate if no plan is in place.

Beneficiary designations at ESL Federal CU can be managed in branch and by mail. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.