Estate planning at Maine Savings FCU

Yes. Checking, savings, money market, and certificate accounts can be retitled into a revocable or irrevocable trust by visiting a branch with the trust agreement or Certificate of Trust, government-issued photo ID for all trustees, and the trust EIN or SSN. Any existing POD designations on the account must be revoked before retitling. IRAs cannot be retitled to a trust but a trust can be named as beneficiary. To start the process by mail, request trust account forms at 800-273-6700 and mail completed documents to PO Box 347, Hampden, ME 04444.

Maine Savings IRAs are federally insured up to $1,000,000 — $250,000 by NCUA plus excess coverage through Excess Insurance Corporation for the additional $750,000. This is higher than the standalone $250,000 NCUA limit on regular share accounts, which can matter when consolidating IRA assets or naming a trust as beneficiary on a large IRA balance. See https://mainesavings.com/personal/savings/iras/ for details.

Maine Savings does not provide legal or estate planning services directly. The credit union refers members to Maine Wealth Planning, an investment service offered through Northeast Planning Associates, Inc. and LPL Financial (member FINRA/SIPC). Advisors Daren Seekins, CFS and John Tilton offer complimentary initial consultations covering retirement income planning, estate planning strategy, tax reduction, investment strategy, and educational funding. Contact 207-862-7247 or john.tilton@lpl.com. These services are not NCUA-insured and are separate from the credit union. Consult a licensed Maine attorney for the actual drafting of a trust or will.